Real I.S. AG has purchased Knockrabo, a residential complex in Dublin, from Bain Capital for its real estate alternative investment fund (AIF), Real I.S. Wohnen I.
The parties have agreed not to disclose the price of the transaction.
Completed in September 2020, the residential complex on Mount Anville Road comprises four separate apartment blocks, each with four or five floors.
The aggregate rental area of 5,905 square metres is divided into 63 residential units, consisting of two-bedroom to fourbedroom apartments and 9 penthouses. In addition the property offers a total of 93 parking spaces. The purchased property is almost fully let.
Knockrabo is located in a popular area in the south of Dublin, around seven kilometres from the city centre. The area has a range of educational institutions for all age groups, for example one of the best girls’ schools in the Irish capital directly opposite. There are also many sports and leisure amenities in the immediate vicinity, as well as several shopping facilities. As a result, the quarter is in demand by individuals as well as couples and families.
”There is still excess demand for residential properties in Dublin. This is one of the reasons why we have chosen Dublin for our first acquisition for the investment fund outside Germany. Compared with other European markets, rental yields are higher in Ireland. This too makes the location interesting for our investors. Additional benefits are the high quality and the attractive position of the modern residential complex,” said Axel Schulz, Global Head of Investment Management at Real I.S. AG.