97 Investment Transactions Of More Than €1 million Completed In Ireland During The First Half Of 2017
Dublin, 4th July 2017 – Commercial property consultants CBRE Ireland today released statistics on the volume and value of investment transactions completed in the Irish market in the first half of 2017, showing that a total of 97 assets with a value of more than €1 million traded in the first six months of 2017. In total, more than €775 million of investment transactions were completed in the first half of the year. According to CBRE, the scarcity of core product to match volumes of underlying demand is continuing to frustrate investors and in turn is seeing some investors move up the risk curve in terms of asset allocations. This is manifesting itself in increased interest in alternative investment options such as Build to Rent and student accommodation as well as increased appetite for forward funding opportunities.
Like many sectors of the Irish commercial property market, investment spend in the first half of 2017 is down year-on-year with very few sizeable assets having been launched for sale in the first half of the year. Indeed, 74 of the 97 transactions signed in H1 2017 extended to less than €10 million in value. We expect to see some sizeable assets being launched for sale over the coming months meaning transactional activity will be heavily skewed towards the second half of the year as we had anticipated. However, 2017 turnover will ultimately be dictated by the number of these transactions that sign by year-end with some of them potentially falling into 2018. We expect to see an increasing proportion of transactional activity comprising forward funding transactions, such as The Sorting Office opportunity on Cardiff Lane in Dublin Docklands that was formally launched for sale last week. Indeed, the largest investment transaction signed in the Irish market in the first half of 2017, (the sale of the 13-18 City Quay office building in Dublin 2) was a forward fund transaction.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), 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 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 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 135 employees, we work with occupiers, investors and developers of office, industrial and logistic, 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