Industrial Investments: A high yielding investment portfolio of five industrial units at the IDA Business Park in Waterford is for sale through Jones Lang LaSalle with a guide price of €6.7 million.
The sale is part of IDA Ireland's programme of disposing of the ownership of its units around the country; it has already raised over €36 million. None of the occupants of the units are affected by the sales.
The five units at Waterford are occupied by Reflexite Ireland, AOL-Bertelsmann, IOTA, Aventis Pharma and Rehab. Collectively, they are paying an annual rent of €635,540. They are for sale as one portfolio with an initial yield of 8.5 per cent.
"This is a well-balanced portfolio with a diversity of risk in relation to covenant and expiry profile," according to Max Reilly, capital markets associate director of Jones Lang LaSalle which is marketing the investment on behalf of IDA Ireland.
"It is also in a great location in an improving region and close to Waterford Port, the principal Irish shipping centre for mainland Europe."
The IDA Business Park is beside the N25 Waterford to Cork primary route and has approximately 290,000 sq m (3,121,531 sq ft) of industrial accommodation covering about 128 hectares. It is close to Waterford Institute of Technology and there are proposals for another new business park in the area.
The largest of the five units offered in the portfolio is that occupied by Aventis Pharma, the world's seventh largest pharmaceutical company with net group sales last year of €20.6 billion. It occupies 4,830 sq m (51,989 sq ft) under two leases, one of 35 years from 1984 and the second for 20 years from 1999.
AOL-Bertelsmann Service Operations Limited occupies 2,560 sq m (27,Jones Lang LaSalle555 sq ft) under three separate leases. AOL is part if the AOL Time Warner group, the world's largest media company, and Bertelsmann is Germany's largest media company and the third biggest in the world.
Reflexite Ireland Limited is a private US firm involved in optical engineering, micro replication and polymer processing technology.
It occupies 1,520 sq m (16,361 sq ft) and holds a 20-year lease from 1996.
Rehab is known for its work with people with disabilities and its Waterford centre has 1,060 sq m (11,409 sq ft) on a 10-year lease from 2000.
IOTA, formerly known as Bloomton Ltd, provides outsourcing call centre facilities and occupies 410sqm under a 20-year lease from 1997. The selling agent in Jones Lang LaSalle is Max Reilly.
