JLL forecasts €2.5bn of investment deals
AS much as €2.5bn of property investment deals could be seen this year, according to property consultants JLL - although the figure could be as low as €2bn.
The higher forecast comes partly on the back of JLL's revised estimates for first-quarter activity. JLL counted 31 deals in the million-euro-plus bracket, bringing combined sales in the first three months to €592m.
"Although this is a decrease on volumes compared to previous quarters, this was expected given the strong performance in the market last year and a decrease in larger-sized transactions," said Hannah Dwyer, JLL's director and head of research.
The largest transaction in Q1 was Marlet's sale of the Charlemont Exchange office building in Dublin 2 to South Korean investors for €145m. The second largest was the sale of a 25pc stake in The Pavilions Shopping Centre, which was sold by IPUT for €71m to Irish Life Investment Managers, which already has a stake in the centre.
The third-largest deal saw Lidl Ireland sell a tranche of student apartments at North Quarter in Ballymun to AIG for €46m.
Dublin accounted for 24 deals, with only seven deals worth €23.5m outside of the capital.
The largest regional deal saw Yew Grove Reit buy an office block at Cork Airport Business Park for €7.5m.