French Investor Iroko ZEN has completed its second purchase in Ireland, a portfolio of 5 assets, let and occupied by Bank of Ireland. The banks are located in Enniscorthy, Longford, Mallow, Roscrea and Loughrea.
Marion Bertrand, Co-Director of Investments of Iroko ZEN, comments:
“The acquisition of this portfolio allows us to position ourselves for an attractive and secure long-term investment with a high-quality tenant.”"
Bank of Ireland was established in 1783 and is one of the main banks in the Republic of Ireland. The banking group offers a diverse range of services and is one of the largest employers in the country with over 10,400 employees. Bank of Ireland has an extremely strong position in the Irish market as the preeminent retail and commercial banking institution. Its shares are listed on the Irish Stock Exchange and the London Stock Exchange. Bank of Ireland made a pre-tax profit of €1.4bn in 2021.
The portfolio generates annual rental income of €798,000. This investment for Iroko ZEN represents a price of €8.49 million and an initial net investment return of 8.5% after standard purchaser’s costs of 9.96%.
The portfolio was introduced to market by BNP Paribas Real Estate Ireland as sole selling agent on behalf of vendors Signal Capital Partners and Ardú Capital. The portfolio included six assets in total let to The Governor & Company of the Bank of Ireland and fully occupied on 25-year FRI leases expiring 2032. Iroko ZEN acquired a portfolio of 5 assets while a private Irish investor purchased a single investment.
Damien McCaffrey, Director of BNP Paribas Real Estate’s Investments division noted “the successful sale confirms demand for secure stable cash flow investment properties and the continued appetite from French investors for Irish real estate”.
Press Contact:
Ellen Browne, Business Coordinator
ellen.browne@bnpparibas.com
