BNPPRE acted for IROKO ZEN on their first investment purchase in Dublin – a brand new retail development in Stocking Avenue, Rathfarnham. White Pines Retail Centre comprises a purpose built supermarket fully let to Tesco and a three storey crèche building located on a 1.98 acre (0.804 hectare) site and forms part of greater neighbourhood residential scheme developed by Ardstone. At the purchase price of €10,140,000 IROKO achieved NIY of 5.28% and allowing for break options a WAULT of 9.8 years. Furthermore the property is BER “A” rated, built to the highest sustainability standards and therefore enjoys exceptionally strong ESG credentials, an ever growing requirement for institutional investors. This deal was brokered off market by BNPPRE.
