11 December 2017, Ireland: Fine Grain Property launches second Irish fund with €75m fundraising.
Fine Grain Property launches second Irish fund with €75m fundraising target to provide high-quality office and industrial properties in Ireland.
First €50 million fund close to full deployment.
December 2017, Ireland - Real estate investor and operator Fine Grain Property has announced the launch of a new €75 million fund, FGPO Ireland Fund II, which will facilitate its continued investment in the industrial, logistics and business park sector, providing premises for expanding Irish businesses and supporting Foreign Direct Investment (FDI) across Ireland.
The launch follows the success of the first Irish fund which is now almost fully deployed having completed fundraising in March of this year. The debut fund saw Fine Grain team up with the Ireland Strategic Investment Fund (ISIF) and private international investors, mainly based in Asia, to invest €50 million of capital and a further €50m of debt. Fine Grain anticipates the second fund will target a similar level of borrowing.
Fine Grain recently unveiled plans for a new landmark 45,000 sq ft office development in Parkmore East Business Campus, Galway, following an agreement with the IDA. Ready for occupation by mid 2018, the new office building will be located within 10 minutes from Galway city centre. Once confirmed, the new tenant for the facility will have an option to significantly extend the three storey building. In addition, Fine Grain has acquired a number of other commercial properties throughout the country and is committing significant capital investment to transforming and expanding these premises into superior high quality facilities, tailored to the needs of international and Irish tenants.
The second Fine Grain fund will have a focus on similar development and re-positioning properties.
Fine Grain Property is an established international real estate investor and operator and has an experienced and expanding team of professionals on the ground in Ireland headed by CEO Cormac Ó Tighearnaigh, the former Deputy CEO and CFO of Jurys Inn and Amaris Hospitality.
Commenting on the new fund Ó Tighearnaigh said:
“We’re delighted to be launching this new fund, which will be targeted at both institutional and private investors, and will build on the success we’ve had with our initial fund in Ireland. Our decision to launch a second and larger fund reflects the significant levels of interest we’re experiencing from investors in Irish commercial property and the confidence they have in the Fine Grain strategy and business model, which offers patient investors very attractive opportunities for long-term, sustainable growth.
“Our international experience and presence on the ground in Ireland leaves us very well placed to realise our investors’ ambitions and deliver attractive returns whilst also providing tenants with high quality facilities tailored to their individual needs, thereby supporting foreign direct investment and economic growth across Ireland.”
Fine Grain was founded in Singapore by Irishman Colin MacDonald, and since its establishment in 2007, Fine Grain Property has successfully invested in a number of commercial property projects in Singapore.
J&E Davy has been appointed as Investment Manager of the fund. Also appointed were Arthur Cox as legal advisors, KPMG as the fund’s auditors and tax advisors, and Sanne as the corporate secretary.
Please click here to see the coverage on Irish Times.