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15 Aug 2022

Shannon Property deal is a ‘win-win' for new owners

Shannon Property deal is a ‘win-win' for new owners

Fine Grain Property has acquired Building 7000 on Shannon’s Westpark Innovation Campus from global company AXA Partners

FINE Grain Property has completed the acquisition of a major building on Shannon's Westpark Innovation Campus.

The property firm has bought building 7,000 from AXA Partners, with the insurance firm continuing to operate from two floors of the complex through a leaseback arrangement.

The deal represents Fine Grain's largest sale and leaseback transaction in Ireland, and consolidates its ownership of all buildings in Westpark.

“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,” she added.

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,” he added.

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