TWM takes Malahide apartment building on behalf of Igal Ahouvi
A multi-family investment property has become the latest asset to be bought by Israeli businessman Igal Ahouvi.
TWM acquired what it describes as a "prime multi-family investment" at Abington Wood (above) in Malahide on behalf of Mr Ahouvi for €6.2m.
The investment comprises 22 two bed apartments with a "very high end specification".
There is a ground floor crèche extending to 5000 sq ft let on a long lease. The total income is €430,000 per annum and the property extends to over 23,000 sq ft
The transaction completed last week reflecting an overall yield of 6.6pc.
"The opportunity offers good rental growth potential along with strong capital value appreciation as the underlying apartment value equates to €215,000 each," said TWM.
DTZ advised PwC on the sale.
This is the latest deal by Mr Ahouvi, who has purchased a number of properties around Dublin in recent months.
Two months ago the entrepreneur bought an Aldi supermarket on Parnell Street for €5.8m. He has also been behind an Aldi supermarket investment in Sandyford for €7.7m and similar Tesco investments in Roscrea for €12.5m and Gorey for €21m.
TWM have acted for Mr Ahouvi on several deals.
The businessman has been investing in property for several years, although he is a relatively new entrant into the Irish market.
In 2006 he bought an office block in Germany for a reported €260m, while a year earlier he bought seven Deutsche Telekom sites there for €182m.