PATRIZIA AG has acquired a 166-unit build-to-rent development in Harold’s Cross, Dublin 6, Ireland, for EUR 93 million from Marlet Property Group on behalf of Bayerische Versorgungskammer (BVK), Germany’s largest public pension fund group.
The transaction increases PATRIZIA’s portfolio in Ireland to EUR 650 million.
The 14,500 sq m scheme will comprise a mix of one, two and three-bedroom apartments, as well as a range of amenities including a gym, residents lounge, cinema, games area and concierge service. The development is expected to be completed at the end of this year.
Harold’s Cross is ideally located in south Dublin and offers quick access to Dublin City Centre. The development is adjacent to Mount Argus Park and near Rathmines, Rathgar and Grand Canal.
“This acquisition aligns perfectly with our strategy to grow our build-to-rent investments in Dublin. We have a long track record in Ireland, as well as in the residential sector across Europe, and remain committed to this fast-growing market. We expect this development’s high-quality design and attractive location to meet with positive reception, addressing a shortage of new accommodation for the Dublin community,” said Antonio Marin-Bataller, Director, Transactions UK and Ireland at PATRIZIA.
PATRIZIA was advised by CBRE (agent) and A&L Goodbody (legal). Maples Group acted for the vendor.