KKR and Palm Capital sell Greenogue logistics portfolio in Dublin, Ireland
Dublin, Ireland, March 30, 2023 – KKR, a leading global investment firm, and Palm Capital, the pan-European real estate private equity specialist, today announced the sale of Building One and Two, Greenogue Logistics Park, to Ingka Investments, the investment arm of Ingka Group, the largest IKEA franchisee.
Completed in late 2022, Greenogue Logistics Park was KKR and Palm Capital’s first logistics development in Ireland comprising of three state-of-the-art logistics buildings extending to over 450,000 sq ft. The Greenogue development achieved market leading sustainability credentials, reaching LEED Silver status and a BER rating of A2. Indeed, it was not only the largest speculatively developed warehouse ever built in Ireland but also the first to target LEED Silver accreditation.
Building One attracted leading tenants, Tosca Services and Napier Couriers, one of Ireland’s largest courier businesses. Building Two was let to Wincanton and IKEA UK & Ireland, and will operate as IKEA UK & Ireland’s new national distribution centre for the Irish market. Ireland is one of the most important markets for IKEA Retail worldwide. Greenogue Logistics Park was chosen by IKEA UK & Ireland after a long period of careful selection and vetting, providing an outstanding validation to the immense work achieved by KKR and Palm Capital.
Seb d’Avanzo, Managing Director and Head of European Real Estate Acquisitions at KKR, commented: “We are delighted to have achieved this milestone. Having identified the undersupply of modern logistics facilities in Dublin, in conjunction with our strategic partner Palm Capital, the project was delivered on time and on budget and leased up to best in class operators.”
Reda Khatim, Managing Partner and founder of Palm Capital, continued: “The success of our investment in Greenogue Logistics Park follows our investment thesis of investing in core logistics in maturing and structurally under-supplied markets. We witnessed pent-up demand for high quality space in Ireland driven by Brexit disruptions, fast ecommerce penetration and much needed market consolidation. The outcome of our investment decision was this best-in-class logistics asset let to institutional grade tenants, thereby creating a truly institutional product. And robust value for our investors.”
About KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.
About Palm Capital
Palm Logistics is a dedicated logistics investor and developer with operations and offices in London, Dublin and Madrid. With a dedicated Irish based team, Palm is one of the largest industrial and logistics landlords in Ireland with over 150 properties, 130 tenants and a total area exceeding 3,000,000 sq ft under management. Palm Logistics’ developments in Ireland are also supported by leading Irish architects and property management experts.
Media
KKR
Alastair Elwen / Sophia Johnston
FGS Global
T: +44 20 7251 3801
Palm Capital
MKC Communications
T: +353 86 813 7512
E: tim@mkc.ie
