A SCPI makes its entry into the Irish market

The Irish real estate market is clearly drawing the attention of many SCPIs. Reason, Log In, ActivImmo, Épargne Pierre Europe, Altixia Cadence XII, Transitions Europe — to name but a few — have all already invested in assets located in the country.

And the trend continues, as another SCPI has just made its entry. This is Upêka, managed by Axipit Real Estate Partners, a subsidiary of the Catella real estate group, which has completed its first acquisition there through a sale-and-leaseback transaction. It has acquired a childcare facility with a total area of approximately 450 sqm, located in Ballycullen, on the northern outskirts of Dublin. While the transaction amount has not been disclosed, the net initial yield is known: 7.61%.

The asset, which includes outdoor play areas and six parking spaces, is leased to a childcare operator on a firm ten-year term. It allows Upêka to further strengthen its European presence. This diversified SCPI, which invests across retail, offices, logistics, and business premises, is already present in Spain, the Netherlands, and France.

In connection with this transaction, Upêka was advised by Catella Aquila Investment Management, Catella APAM Property Ltd, Matheson LLP (legal), Hollis (technical due diligence), and Azets (tax). The seller was advised by RDJ (legal).