Capitol sale funds JCD

THE €45.6 million purchase of the John Cleary Developments’ Capitol development in Cork city by a German pension fund “is a major confidence boost for the city” and a positive omen for new development, according to Goodbody investment analyst Colm Lauder.

The strong arrival of Real I.S. to the Cork property investment scene is notable, adds Mr Lauder, as it’s just the second listed vehicle to secure a strong investment in the city, at a reported 5.5% yield.

It followed the €58m sale of John Cleary’s One Albert Quay last year to Green REIT, and is of major significance as Cork is set to see a swathe of new office development which may also find international investment buyers once built and let.