French real estate funds are making waves in Ireland

The investment strategies of CORUM’s French SCPIs, which have a structure similar to a REIT, are making waves in Ireland. The company operates three real estate investment funds, managing a portfolio of commercial properties valued at over €4 billion in 16 countries. Since the ramp-up of activity in Ireland in 2015, the funds have purchased more than €500 million of commercial buildings here. I spoke with Phillipe Cervesi, Partner and General Manager/Head of Real Estate, and Galwegian Peter Hester, Global Director of Asset Management for CORUM, the most active fund here, about their strategy.

while most new investors focus on Dublin, the fund historically owned Hewlett Packard’s headquarters in Galway, and after establishing a team here from 2015, its first acquisition was the Harvey Norman retail warehouse in Cork. Since then, the fund has purchased 12 other assets, in Cork, Waterford, Galway, Drogheda and Dublin, including Aviva’s Cherrywood headquarters and Aldi outlet in Sandyford.