Irish property outperforms Europe with transactions worth €2bn in Q2 2022


Investors continue to buy Irish property with almost €2bn changing hands in the second quarter of the year. This is in contrast to the European market where investors are cooling off and some trades are faltering.

According to agent JLL, investments worth 897 million euros were traded in Ireland in the second quarter, and in addition, Canadian investor Brookfield Asset Management bought Hibernia Reit for 1.1 billion euros, bringing the total for the quarter to 2 billion euros.

That performance more than doubled the €763 million in investments that changed hands in the first quarter.

This momentum of the second quarter was also reflected in the number of deals with 47 compared to 31 in the first quarter.

“Despite the volatility and uncertainty in the post-pandemic economy, expectations for healthy transaction volumes in 2022 have not diminished given the multitude of challenges we have faced,” said Niall Gargan, Head of Research at JLL Ireland.

“This is in contrast to mainland Europe, where the onslaught of geopolitical and economic obstacles have impacted many large deals, causing them to falter or fail.”

He referred to a 300 million euro deal in Düsseldorf and a 160 million euro deal in Munich.

He cited geography, attractive yields, rising rents in both the office and industrial markets, and a recovery in Dublin’s office market on the back of some high quality leases as explanations for Ireland’s outperformance.

Ireland has not experienced the investor reluctance seen on the continent and he expects some notable large-scale deals to be completed before the end of the year, with over €1.5bn of investments currently in the market and a significant number of assets are expected to enter the market in the near future.

Ireland’s housing investment sector also performed well in the second quarter, accounting for 24 per cent of the €897m transactions.

Offices accounted for 26 percent and industrial companies for 20 percent.

In addition to the deal with Hibernia Reit, LCN Capital Partners paid nearly €100m for three refurbished office buildings used by Flutter Entertainment at the Belfield Office Campus, Dublin 4, in another major deal. Spear Street Capital was the seller and JLL was the selling agent.

Off-market transactions were also completed notably with a €98m residential investment in Dublin and a €68.5m industrial property in Dublin. Irish property outperforms Europe with transactions worth €2bn in Q2 2022

Fry Electronics Team

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