Almost €1bn of investment deals done in Q1, say JLL
Nearly €1bn worth of property changed hands in the first three months of this year, even as the rate of new launches slowed.
Data from JLL shows €923m of Irish investment property was sold during the first quarter.
Total volumes were boosted by two large portfolio sales greater then €200m.
This included Project Molly, which includes Iveagh Court in Dublin 2, The Watermarque Building in Ringsend, and Marsh House in Dublin 2. It was sold by Lonestar for €350m. This sale is evidence that active, opportunistic purchasers in the last 24 months are starting to sort through their purchases and recycle them back on to the market, JLL said.
The second largest transaction was the sale of the trophy Nama assets, Block 4 and 5 Grand Canal Square. Those proeprties were bought by Germany's DZ bank for €233m.
Overall, 95pc of transactions were for Dublin assets, showing the continued strong demand for real estate in the capital. With the two largest sales for office portfolios, 93pc of total volumes were for the offices sector, followed by 4pc retail and 2pc mixed-use.
JLL's Hannah Dwyer commented: "It is positive to see the momentum of 2014 continue into the beginning of 2015. Whereas 2014 was the year of the portfolio sale, Q1 has only seen two large portfolio transactions, with the rest of activity dominated by single asset sales. We do however expect this to change in the next 3 quarters with a number of portfolios due for release".
JLL is forecasting sales to top €3bn this year. That level would be down 40pc on the record 2014.