Three is the magic number for Fine Grain as property acquistion made in Limerick
Property investment firm purchases building for €7.5m
THE Three building in the Plassey Innovation Campus has been purchased by property investor Fine Grain for €7.5m.
The 47,000 square foot building near University of Limerick means Fine Grain has invested in close to 260,000 square feet across Limerick.
An Irish-owned investor, Fine Grain was established in Singapore, and the firm has invested €300m in this country since 2016.
It’s backed by the internationally renowned property group, the Grosvenor Estate and a number of prominent European and Singaporean family offices.
Its objective is to buy overlooked or undermanaged assets and proactively drive value through strong tenant engagement and innovative asset repositioning.
In the six years since its first acquisition at Plassey Innovation Campus, Fine Grain has steadily grown its presence, creating value through greenfield development and refurbishments while enhancing the tenant experience by delivering high quality workspaces.
It is almost unique in the Irish market being an institutional investor where the majority of its assets are located outside of greater Dublin.
Fine Grain’s portfolio now consists of around 1.2 million square feet of commercial real estate in 20 buildings hosting more than 68 global employers at locations across Ireland.
It owns workspaces to accommodate 2,600 jobs in Limerick alone.
Fine Grain will now work closely with Three - a major employer in Limerick - to upgrade the building up to a modern, carbon efficient standard.
“Once we have carried out our asset enhancement plans, we are confident that the property will deliver further high-quality, long-term rental income, while providing considerable capacity for future growth,” said Kevin Mahony, chief financial officer of Fine Grain Property.