€8.75m sale and leaseback deal

INDUSTRIAL property specialist Harvey has completed a sale and leaseback deal for €8.75m in the Cloverhill Industrial Estate in Clondalkin.

The sale and leaseback at Unit AF40 Cloverhill Industrial Estate to French investor Iroka Zen was represented by Colliers.

The detached industrial and office facility, extending to 7,984 square metres on a site of 5.6 acres, was sold with the benefit of a 15-year lease to Alucraft Limited, with a guarantee from the Clarison Group.

The lease incorporates a tenant-only break option at the end of year ten, and stepped rents over the term of the lease to include fixed uplifts and CPI-linked cap and collar reviews.

The investment was launched on the market in February, and such was the level of investor interest that best bids were called in March.

The term-certain, covenant strength, fixed rental growth parameters and the asset class all served to heighten appetite for the offering.

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