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Friends First pays €22m in Galway City





In what is being billed as one of the largest transactions to have taken place in Galway in a number of years, Friends First has acquired Citypoint on Eyre Square for a figure in the region of €22m.

Completed in 2008, the property is a five-storey, over-basement building comprising 76,500 sq ft of retail, office and residential space. Overall, the asset is producing total rental income of €1.5m annually.

The retail space is fully let to TK Maxx and Galway Health and Fitness. There are three office tenants, including Mathworks, while the residential units are fully let to a local hotel operator. Matthew Vanston of BNP Paribas Real Estate represented Friends First in the acquisition, while Bryan Garry of QRE Real Estate Advisers represented the vendor, Calibrate Real Estate.

The asset was the last property within 'The Axis Portfolio' which Calibrate brought to the market through QRE last September. The portfolio also included Boroimhe Shopping Centre, Swords, Co Dublin (sold for €9.25m) and Cruises Street Car Park, Limerick (sold for €2.7m).

Calibrate Real Estate is understood to have retained ownership of the 165-space Grand Canal Square car park in the Dublin Docklands.

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