They all want their assets in Ireland

Dublin, Cork, Galway, Kilkenny, Limerick... This list is an invitation to travel. But that's not all. These Irish cities, starting with the capital, have been the scene of some 30 transactions involving French management companies, fromInter Gestion REIM to Alderan, from Mata Capital IM to Iroko, fromAtland Voisin to Arkéa REIM, not forgetting MNK Partners, Theoreim, Altixia REIM, La Française REM and Corum.

They're all going there, targeting offices, retail, logistics and crèches. "We go where the market and the risk premium are attractive," says Abdelkader Guennioui, head of investment fund management at Arkéa REIM, summing up this collective dynamic. "Two years ago, we were targeting the Netherlands. Now, the UK and Ireland are the hot spots."

He adds: "In the Irish market, rates have fallen quite dramatically. But the market hasn't run out of steam. There are still some interesting opportunities. And we go where the opportunities are good, because we have a pan-European vision."

So, of course, the city of Dublin and its various districts are very popular. But cities like Galway and Cork are also doing well, "with a number of retail parks currently on the market", says Abdelkader Guennioui. "All SCPIs are looking at them; the fundamentals are good, volumes are liquid...". A case in point is the acquisition of Loughboy Park, Kilkenny, by Iroko for €24.97 million and a yield of 8.28%.

Other landmark deals include Central Quay, Dublin, signed by Atland Voisin's SCPI Épargne Pierre Europe for €46 million, and 21-24 Capel Street, also in the Irish capital, purchased by Inter Gestion REIM's SCPI Cristal Life for €17.63 million and a yield of 7.2%.

Arkéa REIM's director of fund management continues: "Look at the demographics, the rejuvenation of the population, and you'll see that there's an interest in going to Ireland. Look at the wealth created per capita and you'll be even more convinced. The same goes for the unemployment rate. The health of the Irish market is healthy and interesting for SCPIs."

Of course, the "advantageous" tax system is also a factor. "This contributes to the final profitability of our associates," explains Abdelkader Guennioui. Add to this the absence of "currency risk". "For me, the most advantageous tax system in Europe is still in Germany," says the Arkéa REIM spokesman. "You have to look not only at corporate tax, but also at the accounting methodology used for real estate assets in the countries in question...