Singapore investors making foray into Irish property

Singapore

IRELAND is gaining its own limelight as Brexit unravels. With banks and other corporations seeking another European Union (EU) hub, Irish commercial and industrial spaces have seen increased demand - including from Singapore companies.

For instance, Singapore investment firm Fine Grain Property made headlines in Ireland earlier this year when it joined hands with sovereign development fund, Ireland Strategic Investment Fund (Isif), to invest 100 million euros (S$158.6 million) in commercial property there.

Its founder and CEO Colin MacDonald says the trend of Singapore firms investing in Ireland is nascent but growing, especially in the industrial property sector.

Property deals since 2016 have included The Ascott's purchase of Temple Bar Hotel in Dublin for 55 million euros in 2016; Keppel DC Reit's acquisition of its second data centre in Dublin for 66 million euros in September this year; and Fine Grain and Isif's investment of about 50 million euros so far in four industrial properties in Ireland - one in Dublin, two in Galway, and a fourth one in Athlone. Fine Grain is in the process of acquiring six more industrial and business park prope…