The Irish commercial real estate investment market made a strong start to the year, according to a new report from Savills Ireland.
Their latest report found that a total of €933m worth of investment transactions took place in the first three months of 2023, up 10.3% on the same time last year and 19.4% ahead of the five-year average.
The average deal size increased to €30.1m, the largest first quarter on record.
Savills said this reflected the appreciation in values over the last decade and the increased participation of capital partners seeking investments of scale.
Buyers from the US represented the largest share of active market participants in the three month period, with a 34% market share, followed by Europe with a market share of 24%, Ireland with 22% and the UK with 11%.
Some of the most significant deals in the quarter include the acquisition of the Valley Healthcare platform by KKR through its subsidiary company John Laing for €300m.
Greenogue Logistics Park was also sold to Ingka Investments for €110m, while Opus, a PRS scheme located in Dublin's south docklands, was also sold to Pontegadea Investments for €101m.
The figures show that in terms of geographical spread, 57% of deals took place in Dublin, with the remaining 43% nationwide.
John Ring, Director of Research at Savills Ireland, said the strong performance in the first quarter of the year is a testament to the resilience and attractiveness of the Irish commercial real estate market.
"The trend towards larger deal sizes and the increasing participation of international investors demonstrate the continued confidence in our market," he said.
