Citywest Waterside site purchased by Fine Grain
GROSVENOR Diversified Property Investments (GDPI) has joined forces with Irish property investor and operator Fine Grain Property as part of its latest plan for expansion.
The company, a subsidiary of the UK-headquartered property giant the Grosvenor Group, has made its first investment with Fine Grain by committing €40 million to the FGPO Ireland Fund III, a fund dedicated to the provision of contemporary workplaces in business parks across Ireland.
Grosvenor’s strategy will see it rely on Fine Grain’s specialised knowledge and its established local networks to make investment decisions in the Irish market.
Fine Grain completed its first purchase for the FGPO Ireland Fund III in February when it paid Irish property company Iput and Davy an undisclosed sum for Waterside, a development of five headquarter office buildings housing SAP, Fidelity, Glanbia and Hidden Hearing at Citywest Business Campus.
Waterside, which covers 219,300sq ft, also holds planning permission for an additional three buildings, providing a further 180,000sq ft of space and scope for future expansion.
The scheme is currently 92 per cent occupied and is producing a rent roll of about €5.75 million per annum, with 82 per cent of this annual income coming from SAP and Fidelity.
GDPI’s new partnership with Fine Grain Property represents its debut investment in Ireland, and comes following its recent announcement of plans to double the size of its business over the next five years.
Andy Yates, chief investment officer at GDPI, said: “This new partnership forms part of our global expansion plans, and establishes our exposure to a key European commercial market.
“With asset quality a clear focus for occupiers, our joint commitment to sustainability and Fine Grain’s active management experience will ensure properties in the fund meet evolving market needs.”
Kevin Mahony, finance director at Fine Grain Property, said: “Our partnership with Grosvenor Diversified Property Investments and the establishment of FGPO Ireland Fund III represent important steps in the continued growth of Fine Grain Property’s workplace community across Ireland.
“At Fine Grain Property we work with people that we like, trust and respect.
“As long-term real estate investment partners Grosvenor and Fine Grain’s values are clearly aligned.
“Following our investment in the Waterside development in Citywest Business Campus, we continue to seek further properties to add to our portfolio.”
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