Irish property investor and developer Iput is considering a substantial investment exceeding €250 million in two expansive logistics hubs in Dublin, signalling potential employment opportunities for up to 3,500 individuals. As the foremost owner of contemporary logistics assets in Dublin, Iput has recently submitted plans for its Nexus 2 logistics development to Fingal County Council. This project envisions 12 logistics and warehousing buildings on a sprawling 118-acre site at Killamonan, near the Cherryhound Interchange of the M2 in north Dublin.
Iput has already secured planning permission for its Nexus 1 project, located nearby, which comprises five distinct logistics facilities across a 64-acre site. Planning documents for these ventures, viewed by the Sunday Independent, suggest that the combined projects have the capacity to generate employment for up to 3,500 people, subject to planning approval. Based on construction cost estimates provided by industry consultant Scollard Doyle, the investment required for both projects is estimated to surpass €250 million.
With a substantial portfolio encompassing 3.2 million sq ft, Iput stands as the primary provider of logistics space in Ireland. The company recently announced the full pre-leasing of its Quantum Logistics Park development, a four-unit, 550,000 sq ft project at Kilshane Cross in north Dublin. Noteworthy tenants include DHL, Harvey Norman, and Danish shipping and logistics group Maersk.
Iput emphasises that the Quantum development boasts market-leading sustainability credentials, featuring Ireland’s inaugural net-zero carbon logistics unit (Unit 4), leased to Maersk. According to Iput’s 2022 financial statements, its net asset value (NAV) as of December 31, 2022, amounted to €2.6 billion, with the portfolio’s closing value reaching €3.1 billion. In 2022, Iput’s total development expenditure exceeded €220 million, slightly below the potential investment for the two proposed logistics hubs. Additionally, the company distributed dividends totaling €108 million in the same financial year, while net rental income reached €124.6 million.
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