Bumper quarter for investment transactions in Northern Ireland
21 transactions totalling over £411 million signed in the first nine months of 2014
Belfast, 3rd October 2014 – According to the latest analysis from property advisor CBRE, excluding loan sales, over £411 million has been invested directly in the commercial market in Northern Ireland during the first nine months of 2014. In total, over £267 million was invested in the Northern Ireland property sector during the third quarter of 2014, compared to almost £144 million in the first half of the year, bringing total investment in the region in the first nine months of 2014 to a bumper £411 million.
94% of investment sales in Northern Ireland in the first nine months of 2014 have comprised retail properties with large transactions such as the sale of Forestside Shopping Centre in Belfast; the Abbey Centre in Newtownabbey and Foyleside Shopping Centre in Londonderry completing in the period.
Prime yields in Northern Ireland have contracted over the last few months due to the weight of money chasing property in the region and are expected to trend stronger over the course of the coming months. According to CBRE, prime office yields in Northern Ireland are now in the order of 6.75%; prime shopping centres are yielding approximately 6.75%; prime high street retail yields are approximately 6% while prime industrial yields are approximately 7.5%.
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 (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.eu
In Ireland, with offices in Dublin and Belfast, CBRE is the country’s largest commercial real estate services company, now employing over 130 employees and offering a full range of property services including property sales and acquisitions, leasing and management, investment, corporate services, debt advisory, project management, consultancy, valuations and research. Please visit our website at www.cbre.ie or www.cbre.ie./ni