Irish Commercial Property Investment Tops €1bn in Strongest Second Quarter Since 2022
Industrial mega-deal, recovering office investment and renewed institutional demand drive Irish commercial property market to €1.5bn in first half of 2026 – CBRE Ireland
3 July 2026 | editor@irishrealestate.news
Irish commercial property investment exceeded €1 billion during the second quarter of 2026, delivering the strongest second-quarter performance in four years and signalling renewed confidence across the investment market despite ongoing geopolitical uncertainty and higher borrowing costs.
According to provisional figures published by CBRE Ireland, investment volumes reached just over €1 billion between April and June, more than two-and-a-half times the €381 million recorded during the same period in 2025. Total commercial property investment for the first six months of the year now stands at approximately €1.5 billion, representing an increase of almost 70% compared with the first half of last year.
While the quarter was dominated by a landmark industrial transaction, investment activity was recorded across every major commercial real estate sector, with offices, residential and retail all contributing to the improved market performance.
Industrial and logistics remained the dominant investment class, accounting for approximately 36% of first-half investment volumes. The standout transaction was the €500 million sale of Horizon Logistics Park by Henderson Park to Singapore sovereign wealth fund GIC and logistics specialist Valor. The acquisition represents one of the largest individual commercial property transactions ever completed in the Irish market and accounted for approximately half of all investment activity during the second quarter.
The scale of the transaction reflects continued investor confidence in Ireland’s logistics sector, underpinned by sustained occupier demand, supply chain investment and the continued expansion of e-commerce.
The office investment market also showed signs of recovery following a prolonged period of subdued activity. The €110 million sale of One Molesworth Street in Dublin 2 by Henderson Park to MEAG, the investment management business of Munich Re, marked the largest single Dublin office transaction since the sale of Salesforce Tower in 2022.
The transaction is viewed as an important indicator of renewed investor confidence in prime Dublin office assets, particularly those with strong occupational fundamentals and high-quality tenants.
Further activity included the €27.15 million acquisition of One Haddington Buildings in Dublin 4 by Manova Partners on behalf of Spanish insurer Mapfre from Deutsche Bank. Combined, office investment exceeded €180 million during the quarter, accounting for approximately 18% of total investment volumes.
Residential investment also strengthened significantly, representing approximately 23% of second-quarter activity and 31% of first-half investment volumes. The largest residential transaction was the €84 million sale of Project Lime, a substantial social housing portfolio acquired by a domestic investor.
Purpose-built student accommodation also attracted institutional capital, with Greystar acquiring LIV Dublin in Dublin 7 for €40 million. Additional off-market private rented sector and social housing transactions contributed to total residential investment of approximately €233 million during the quarter.
CBRE said the residential sector has experienced a notable revival during 2026, supported by improved access to debt finance, greater regulatory certainty and continued structural undersupply across Ireland’s housing market.
Retail investment also featured during the quarter, with Hammerson acquiring Dublin’s ILAC Shopping Centre from Irish Life for €45 million in one of the sector’s largest recent transactions. Retail accounted for approximately 6% of second-quarter investment.
The latest figures also highlight the increasing influence of European insurance and institutional capital in the Irish market. Major acquisitions by Munich Re’s investment arm MEAG and Spain’s Mapfre reflect growing allocations from insurers seeking long-term, income-producing real estate assets that align with changing regulatory and asset-liability requirements.
CBRE believes insurance-backed investment is likely to remain an important source of capital during the second half of 2026, alongside continued participation from sovereign wealth funds, REITs and domestic investors.
Commenting on the figures, Kyle Rothwell, Head of Capital Markets at CBRE Ireland, said the breadth of buyer activity was one of the most encouraging aspects of the quarter, with European insurance capital, institutional investors, REITs and domestic buyers all completing transactions.
Colin Richardson, Director and Head of Research at CBRE Ireland, said that although first-half investment volumes were significantly boosted by the Horizon Logistics Park transaction, the range of activity across offices, residential and retail demonstrated improving market momentum despite rising debt costs and continued geopolitical uncertainty.
With approximately €1.5 billion invested during the first half of the year and a growing pipeline of assets expected to launch during the second half, the Irish commercial property investment market appears to have regained momentum after two subdued years, supported by improving liquidity and renewed international investor confidence.
