In June 2017, Cantor Fitzgerald successfully completed the acquisition of the Park Collection in Carrickmines, Co Dublin. The Park Collection was acquired by the Cantor Park Commercial Property Fund (the “Fund”), a recently established Qualifying Investor Alternative Investment Fund.
Cantor Fitzgerald Ireland was appointed as Investment Manager and Brennanstown Asset Management was appointed as Property Adviser to the Fund. The acquisition price was €41.5m (inclusive of costs). This was financed by €20m in private equity raised by Cantor Fitzgerald and a €21.5m loan facility from Rietumu Bank.
The investment strategy aims to regear the current tenancy profile across the portfolio, to increase the current passing rent to an average level of circa €26 psf and to improve the weighted average unexpired lease term from the current level of 2.5 years. The implementation of the asset management strategy will be on an ongoing basis with the expected term of the investment to be circa 5 years.
To read the Irish Times article “Cantor Fitzgerald investors to buy interest in Carrickmines complex” click here.