- EUR 130m development in a strong location
- Acquisition will increase PATRIZIA’s BTR units under management in Dublin to approximately 400
- Project due for completion between June and November 2018
PATRIZIA Immobilien AG announces the acquisition of a EUR 130 million project to develop high-quality rental apartments in the prosperous Dún Laoghaire-Rathdown borough of Greater Dublin, Ireland. The investment is on behalf of two PATRIZIA pan-European funds; the seller is Cosgrave Developments. The construction of the two properties, Charlotte Building and Leona Building, scheduled for completion in stages between June and November 2018, will add 319 high-quality residential units to a rental market with strong demand and limited supply. This acquisition is part of PATRIZIA’s strategy to increase its investment in the build-to-rent sector and takes residential units under management in Dublin to around 400.
James Muir, PATRIZIA’s UK & Ireland Managing Director, says the investment represents a rare opportunity. “We have been able to secure these attractive, well-located residential properties for our clients with the support of our team on the ground in Dublin. This investment follows our strategy to increase our footprint in the build-to-rent sector, particularly in European cities such as Dublin with strong fundamentals as well as its growing appetite for high-quality rental properties and record low vacancy rates.”
The Charlotte Building and Leona Building form part of the larger Honey Park development project. Honey Park is in a quiet location, making it attractive for those looking for a high-quality living space and a high level of comfort, with its gardens and lake as well as amenities such as sports facilities, shopping and a nursery. It is also close to the centre of Dún Laoghaire, an established and popular location with excellent public and private transport links to the centre of Dublin.
Due to heavy investment in local infrastructure, Dún Laoghaire has one of the fastest-growing populations in the Dublin metropolitan area – 5.7% between 2011 and 2016 – and is expected to grow by a further 30,000 inhabitants by 2030, to almost 250,000. Current estimates suggest 4,000 new residential units would have to be built each year to meet housing needs in Dún Laoghaire; however, only approximately 1,000 are currently under construction.
PATRIZIA Immobilien AG:
PATRIZIA Immobilien AG has been active as an investment manager in the real estate market across 15 European countries for more than 30 years. PATRIZIA’s activities include the acquisition, management, repositioning and sale of residential and commercial real estate through its own licensed investment platforms. As a global provider of real estate investments in Europe, PATRIZIA operates as a respected business partner of large institutional investors and retail investors in all major European countries. Currently, the Company manages real estate assets worth almost EUR 20 billion, primarily as a portfolio manager for insurance companies, pension fund institutions, sovereign funds, savings and cooperative banks and as co-investor. For further information, please visit: www.patrizia.ag.