Acquaint.ie brings you the latest Irish property news: The country`s largest property fund will soon re-enter the commercial property investment market after eight years of absence and has now up to € 200 million available to invest in office and retail space.
According to Martin O’Reilly, head of Irish Life Investment Managers, the main reason for this new plan is because income returns are largely in line with market returns of around 9% and therefore it is a good time to invest in commercial property.
“As a counter cyclical investor you can’t always call the absolute bottom of the market but all the characteristics feel right for us in terms of where pricing has got to and where we are at this particular time for a long term investor,” he said.
The company`s main priority at the moment are good quality office properties in advantageous locations. Furthermore, they are looking to invest in older buildings that could be potentially refurbished. They also plan to invest in Henry and Grafton Street, provided some shops will become available.
Martin O`Reilly also said that they have no plans to re-enter the residential market after 20 years of absence, they solely want to focus on the commercial market.
That`s all for today. To keep up-to-date with what is happening in the real estate sector, check out our blog on a regular basis.