Almost €29 billion spend recorded in the last decade
January 7th, 2020 - Property consultants CBRE Ireland have today released figures for the volume and value of investment transactions in the Irish commercial property market in 2019. According to the property consultants, total spend in the Irish investment market exceeded €7.2 billion in 2019 - a new record for the Irish market, boosted in no small part by the sale by CBRE of the Green REIT portfolio during the year. This brings to almost €29 billion the volume of investment sales completed in the Irish market in the last decade.
Other significant transactions completed by CBRE during 2019 included the sale of The Cedar office portfolio for approximately €530 million; the sale of the Project Vert multifamily portfolio for more than €216 million and the sale of the Nova Atria office building in Sandyford, Dublin 18 for €165 million.
"Activity in the Irish investment market exceeded expectations in 2019 with strong investor appetite for many of the assets and portfolios that were offered to the market during the year. CBRE were delighted to have been involved in some of the trophy transactions concluded during the year.
Although the overall volume of investment transactions was down year-on-year, there was a notable increase in large transactions in 2019 with 18 transactions extending to more than €100 million completed during the year. Although Irish buyers were active, 74% of investment spend in the year emanated from overseas investors and by virtue of the Green REIT transaction, 51% of spend comprised office investments. Multifamily investments meanwhile accounted for more than €2 billion or 33% of investment spend in the year, which is remarkable considering that this sector didn’t exist prior to 2012."
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
CBRE U.C., (CBRE Ireland) registered in Ireland, no. 316570. PSRA Licence No. 001528 is the country’s largest commercial real estate services company with offices in Dublin and Cork. Currently employing over 150 employees, we work with occupiers, investors and developers of office, industrial and logistics, retail, hotel and healthcare property, providing strategic advice and execution for property sales and leasing; tenant representation, corporate services; property and project management; appraisal and valuation; development services; investment management and debt advisory; business rates and compulsory purchase and research and consulting. Please visit our website at www.cbre.ie