French investor Iroko Zen acquires seventh Irish property
Print30 August 2023
French investor Iroko Zen has completed its seventh acquisition in the Irish investment market, after acquiring the premises of DIY retail giant Woodie’s on Cork Road in Waterford city for €9.8 million.
The Irish Times reports the property – a large high-bay retail warehouse extending to 4,277.18sq m (45,039sq ft) – is currently let to Woodie’s DIY Ltd.
Parent company, the Grafton Group PLC has a guarantee in place on a 25-year term from June 2007 expiring in June 2032. The lease incorporates five-yearly upwards-only rent reviews.
The passing rent is €909,184 per annum, dependent on good payment by the tenant.
The property comprises a 3.4-acre site which is adjoined by Lidl on the Cork Road between the Ivory Retail Park and Kingsmeadow Retail Park.
News of the deal comes just four months after Iroko Zen’s last Irish investment. Last May, the company bought Westland House (Block A) for €4,970,840 – a fully let three-storey office block at Westland Park in Dublin 12. In March it paid €4.965 million for units 5A and 6 at Galway Retail Park.
Previously, vack in January, Iroko Zen secured ownership of South Quarter Airside near Swords in north Dublin. This followed a €18 million deal with the Michael J Wright Group.
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