This is a strong result considering the market effectively came to a standstill during Q2, meaning that face-to-face meetings, site visits and other due diligence measures that are vital to progressing investment transactions could not take place due to the virus.
European investors continue to invest heavily in Irish commercial property, accounting for 62% of total turnover. Germany handled the pandemic particularly well, and German investors have not seen significant dents in their inflows and were able to remain relatively active throughout the crisis. This is positive for Ireland which has seen significant growth in investment from Germany in recent years.
Offices remain the most popular asset class, accounting for 60% of total turnover with €260 million invested. The largest deal was Bishop’s Square, which was acquired by GLL Real Estate Partners for €183 million. French fund Corum acquired Google-occupied Blackthorn House in Sandyford, bringing their total investment for the first six months of 2020 to €52.4 million.