Fine Grain Property has acquired Building 7000 on Shannon’s Westpark Innovation Campus from global company AXA Partners
Shannon, Ireland, June 22, 2022: Leading Irish real estate investor and operator, Fine Grain Property, has acquired a 124,000 sq ft modern five-floor office building on Shannon’s prestigious Westpark Innovation Campus from global company AXA Partners. This is Fine Grain Property’s largest sale and leaseback deal to date.
AXA Partners will continue to operate from two floors of the building through the leaseback agreement with Fine Grain Property.
The deal represents Fine Grain Property’s largest sale and leaseback transaction in Ireland and consolidates the company’s ownership of all buildings on the 40-acre Westpark Innovation Campus.
“We are delighted to welcome Fine Grain Property as our strategic property partner as a result of this transaction,” said Cathryn Smullen, Head of AXA Partners’ Shannon.
“This transaction will remove the headaches associated with property ownership, release capital to our balance sheet and improve the office experience for our staff.”
“The deal is a win-win for both companies. It enables AXA Partners to invest and focus more on our core business and allows Fine Grain Property to do what they do best in meeting our property needs.”
Westpark Innovation Campus is a thriving workplace community set in landscaped grounds and boasting two restaurants and a growing range of amenities, including EV charging and bicycle hire.
Fine Grain Property acquired the 40-acre Westpark Innovation Campus in 2019 apart from Building 7000. The campus is a cluster for global financial, logistics and aviation companies such as AerCap, DHL and Pepper Asset Servicing.
“This sale and leaseback transaction represents a significant and exciting step for our company,” said Fine Grain Property Real Estate Director, Damien Kilgannon.
“It signals the trust that AXA Partners has in us to take responsibility for their property needs and provide a quality, collaborative workplace community in which it can continue to thrive.”
A workplace community study carried out by Fine Grain Property in December 2021 found that 63% of Irish companies were operating out of self-owned properties.
“This reflects the historic absence of professional landlords that can exceed clients’ expectations and build workplaces that foster innovation and collaboration,” said Kilgannon.
“Sale and leaseback provides a great opportunity for companies to remove the headaches of property ownership and release capital to grow their core business.”
AXA Partners were advised by Fergal Burke of Avison Young through this transaction.