M&G Real Estate’s European Living Property Fund has acquired a build-to-rent (BTR) scheme at Eglinton Place in Dublin for €99.5 million.
The development will provide 148 high-quality homes for rent close to the city centre and main employment hubs, with amenities including electric car charging points, a gym, communal lounges and rooftop gardens. Free of fossil fuels as a source of power, it will also help residents to minimise energy bills.
It is expected to complete in Q2 2023.
The development is in Donnybrook, a suburb of Dublin with easy access to major employment hubs in the city centre and the Docklands via tram or bus.
“With extremely restricted supply across Ireland, there is a particularly strong demand for high-quality housing in Dublin with developments such as Eglinton Place commanding strong rents, which will help us to deliver resilient returns for our clients. Through this acquisition, we are building on our commitment to provide sustainable homes that support wellbeing, sustainability, and community and we are looking for further opportunities with developers and property owners across other key European markets,” says Marcus Eilers, Head of European Residential, M&G Real Estate.