New data released today by JLL shows that €2.3bn of commercial property has traded in last 3 months in Ireland and year-to-date total volumes now stand at €2.9bn.
The figures show that investment volumes in the second quarter were boosted by 4 large deals greater than €80 million which accounted for 60% of this total.
This included the sale of Blanchardstown Town Centre, which comprised Blanchardstown shopping centre, 2 retail parks and office space. Green Property sold the Centre and it was purchased by Blackstone for €950 million.
The other significant sales were One Spencer Dock (Dublin 1 office), which was purchased by a Middle Eastern fund for over €240 million, Project Kells (Dublin office portfolio) purchased by Meyer Bergman and BCP from Aviva for €93 million, and LXV, St Stephens Green (Dublin 2 office), which was purchased by CNP Insurance for €85 million.
Associate Director and Head of Research at JLL, Hannah Dwyer said, "It is difficult to gauge where investment volumes will end up at this point in the year. Ireland is well-positioned from an occupier and investor perspective to benefit from some of the post-Brexit uncertainty, and we are expecting to see a positive short-term bounce in demand from these sectors."
She added, "However, we cannot ignore that we are entering a very sensitive period for global markets, and Ireland’s close links to the UK is of concern from an economic perspective. It is too early to predict how Brexit will unfold and its longer-term impact on the Irish economy."
Source: www.businessworld.ie
