Corum Asset Mgt – Investment
CLIENT: Corum Asset Management
OUR ROLE: Investment Acquisition
BACKGROUND: Murphy Mulhall acted on behalf of French Investor, Corum Asset Management, on the acquisition of units 20-29 Mervue Business and Technology Park, Galway. The property comprised a manufacturing and office property which extended to approx. 160,000 sq.ft and was leased to HID Global Teoranta and Avaya International Sales Limited on two separate leases.
HOW WE HELPED: a) Initially we brought the potential deal to Corum and presented a case for why they should look at this investment property. Having previously worked closely with Corum, we understood their specific investment criteria and identified this opportunity as being a suitable option for them.
- b) We provided in depth analysis on the local office, industrial and investment markets in Galway, providing commentary on the current rental income and tenant profiles, and our views on likely pricing. This enabled Corum to prepare an adequate case study to bring to their investment committee for approval to submit an offer.
- c) We managed to secure exclusivity for the purchase following a ‘Best Bids’ process, whereby Corum were selected as the preferred bidder.
- d) We liaised closely with Corum’s transaction team, providing further analysis on the tenants and the market, and also worked closely with their solicitors to assist in solving some complex issues that arose during the legal due diligence process. This also involved significant negotiation with the vendors gents on various commercial points that were required for the deal to progress.
OUTCOME: The client was delighted to complete this complex transaction following an elongated due diligence process. The purchase provided Corum with a further high-profile addition to their Irish investment portfolio, producing an attractive yield profile in a sought-after provincial location.