Palm Logistics is to seek planning permission to develop a further 500,000 sq ft of logistics space at Naas Enterprise Park, the largest single asset in the Core industrial portfolio, which it acquired with KKR for €195 million in December 2021.
The proposed expansion, which will see the 250-acre park’s logistics space increase to more than 2 million sq ft, will involve an investment of more than €100 million. As part of its plan to reposition the scheme as a world class, sustainable offering, Palm has also decided to rebrand the development as Momentum Logistics Park.
Apart from the delivery of additional logistics space, the redesign will see the development of walking, running and cycling tracks, an outdoor gym, a five-a-side pitch, improved signage, pedestrian and cycle lane infrastructure, an electric bus service, and landscaped spaces that incorporate biodiversity and forest areas.
The Naas scheme is home to more than 100 businesses employing more than 2,000 people and Palm has estimated that its investment offers the potential to double this workforce. The proposed works will be overseen by Palm’s Irish management team, supported by Irish architects and local property management experts.
Commenting on his company’s plans, Reda Khatim, managing partner and founder of Palm Capital said: “After considerable research and analysis, we’ll be rebranding the park to a modern new identity, bringing new momentum and energy to bear in the interests of our valued occupiers. With a total planned investment of over €100 million, we will strive to revitalise this destination and reposition Momentum into Ireland’s leading logistics park.”
News of Palm Logistics’ move to rebrand and develop additional logistics space at Naas Enterprise Park comes just under three months after its sale for more than €100 million of two of the three warehouses at Greenogue Logistics Park in west Dublin to Ingka Investments, the investment arm of Ikea’s largest franchisee, the Ingka Group. Completed in 2022, the 450,000 sq ft logistics scheme was Palm’s first speculatively developed logistics park in Ireland.
An affiliate of the pan-European real estate private equity firm, Palm Capital, Palm Logistics is a dedicated logistics investor and developer with operations and offices in London, Dublin, Madrid and Munich. The company is one of the largest industrial and logistics landlords in Ireland with more than 150 properties, 130 tenants and approximately 3 million sq ft under management. Headquartered in London and with offices in Dublin, Madrid and Munich, Palm Capital manages about €1.5 billion of commercial real estate in the UK, Ireland and continental Europe across a number of asset classes.
