Union Investment has entered the Irish logistics market and has acquired a distribution center in Newbridge, County Kildare.
The acquisition is being made on behalf of institutional real estate fund UniInstitutional European Real Estate. The parties have agreed not to disclose the purchase price.
The international clothing retailer Primark, which operates as Penneys in Ireland, is aiming to open the new distribution center by the end of summer 2024.
The project will be developed by means of a forward funding structure by Barola Capital DAC. Primark is investing an additional €75 million ($81 million) and the facility will comprise of a distribution center, warehouse and office space on a 38-acre site.
“Ireland has become an attractive location for logistics investment due to its increased transaction volumes and enhanced liquidity. Despite concerns about the impact of Brexit and the coronavirus pandemic, demand from tenants remains high in the Irish l
