Real I.S. AG has purchased a residential property at Malahide Road 17 in Dublin for the open-ended real estate special AIF “Modern Living” from Gem Group.
It was agreed that confidentiality be maintained regarding the purchase price.
Following its completion in the fourth quarter of 2023 the property will have a total leasable area of 6,690 square metres, made up of 93 subsidised residential units and three commercial units.
A 25-year lease agreement for all the residential units has already been concluded with Dublin City Council.
Malahide Road is situated within the Dublin metropolitan area and is easily reached thanks to the existing infrastructure with a direct link to the M50 motorway and the extensive public transport network. Various public green spaces and recreational areas, among other things in Father Collins Park and Donaghmede Park, are located within easy walking distance, as is the shopping centre “Clarehall”, which has all the stores and outlets required to meet daily needs.
“Ireland, and in particular Dublin as the country’s economic motor, has provided itself to be extremely crisis-resilient in the past two years, which makes the property on Malahide Road another attractive investment for our ‘Modern Living’ fund,” comments Axel Schulz, Global Head of Investment at Real I.S. AG.
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