International alternative asset manager ICG has taken ownership of a significant portion of Dublin’s Park West Business Park.
The UK-headquartered company, which has a reported $123 billion (€105.5 billion) in assets under management, is understood to have paid developer Pat Doherty’s Harcourt Developments over €62 million in an off-market deal for a large portfolio of industrial assets at the scheme.
The units included in the deal are said by market sources to comprise a total area of 445,000sq ft distributed across several blocks. The price paid equates to a capital value of €140 per sq ft.
The majority of the accommodation purchased by ICG was developed originally by Harcourt on the site of the former Semperit tyre manufacturing plant which it acquired for £16 million from the then Jefferson Smurfit Group in 1999. Prior to its redevelopment, the Semperit facility comprised more than 550,000sq ft of buildings.
RM Block
The buildings acquired by ICG are occupied by a number of tenants including Silent-Aire and Nissan Ireland. Silent Aire, which specialises in data-centre design and manufacturing, is one of the largest occupiers within the wider Park West Business Park campus. The company, a subsidiary of Johnson Controls, expanded its footprint at the scheme in September, 2023, when it entered into two new long-term leases on two blocks measuring 40,000sq ft and 67,000sq ft respectively. The Canadian-headquartered firm employs more than 500 people at its Dublin operations.
