Over Half Of 2013 Investment Spent In First Month Of 2014

Over half the volume of investment activity in the Irish market in 2013 has been signed in the first quarter of 2014 alone, according to property consultants CBRE.

A total of 37 investment transactions higher than €1m in value were signed in the Irish market during the first quarter of this year, totalling €938.5m and compared to a total spend in the Irish market in 2013 of €1.78bn in 96 individual transactions. The figures exclude loan sales activity.

The company also said there were more transactions signed in the Irish market in the first three months of 2014 than during the entire 12 months of 2012.

According to Marie Hunt, Executive Director and Head of Research at CBRE Ireland: "The first quarter of 2014 has been extremely busy in the Irish commercial property market, fuelled by a significant carryover of transactions from 2013, many of which have concluded during the first three months of 2014. Demand in the investment sector continues at pace with no let-up in demand from domestic and international investors for the various assets and loan portfolios being released to the market for sale."


According to Johnny Horgan, Head of Capital Markets at CBRE Ireland, 11 of the 37 investment transactions over €1m in value signed in the Irish market during the first quarter of 2013 occurred outside of the Dublin market. But he said 94% of the investment spend by value in the period was focussed on Dublin properties.

There has been more focus on retail investment during 2014, according to CBRE. Aside from the recent sale of a 72.8% share of Liffey Valley Shopping Centre in West Dublin, there have been a number of other retail transactions signed in the quarter. 18 of the 37 investment properties signed during the first quarter of 2014 comprised retail properties, which accounted for more than 33% of the value of investments traded in the period.

A further 28.4% of commercial investment transactions completed during the first three months of 2014 comprised office properties, while the largest asset traded in the period (the acquisition of Central Park by Green REIT plc for more than €311 million) is classified by CBRE as a mixed-use transaction. As a result, mixed-use accounted for more than 34% of the value of investments traded in the three-month period, the property consultant firm said.

(IT/MH)