A landmark residential development in the Liberties, Dublin 8, comprising 134 build-to-rent apartments has been sold to the asset manager of German multinational insurance company Munich RE for €80 million.
The development at 18 Newmarket Square is located around a 10-minute walk from St Stephen’s Green.
It features a retail unit, 301 designated bicycle parking spaces, a co-working lounge, public amenities, a landscaped courtyard and three communal rooftop gardens.
It was developed by Irish specialist private equity property business Revelate Capital, along with London-based private equity property investment firm Valpre Capital and UBS-owned property platform Aventicum Real Estate.
READ MORE
The parties announced the sale to MEAG, the asset manager of Munich RE on Friday, describing it as “one of the most significant recent residential investment deals in Dublin”.
“The scheme makes a meaningful contribution to addressing the Dublin’s acute housing shortage, delivering much-needed homes in a prime urban location,” they said in a joint statement.
With the price of an ounce now more than $5,000, why is everyone going for gold?
The groups added the deal “underlines continued confidence in the city’s rental housing market”.
The development occupies a prominent position on Newmarket Square in the Liberties and forms part of the wider regeneration of the neighbourhood. It also benefits from strong connectivity to the city centre and key employment hubs.
The parties said the development delivers a “carefully considered mix” of studio, one-, two- and three-bedroom homes, constructed to Nearly Zero Energy Building (NZEB) standards.
The project was designed by Reddy Architecture + Urbanism, one of Ireland’s leading architectural practices, and constructed by Walls Construction, supporting local employment throughout the build phase.
Financing was provided by Fairfield Real Estate Finance, backed by funds managed by Oaktree Capital.
“The acquisition highlights Dublin’s continued attractiveness as a destination for long-term residential investment, driven by strong population growth, a growing workforce and a persistent undersupply of modern rental accommodation,” the statement said.
“Well-located, energy-efficient developments such as Newmarket Square remain in high demand among both renters and investors.”
Valpre Capital partner Sami Hakim said: “We are proud to complete the sale of Newmarket Square alongside our partners. This development delivers high-quality new rental homes in Dublin 8 and reflects the depth of demand for well-designed, sustainable housing in the capital.
“Our experience in Dublin continues to reinforce our long-term commitment to investing in the city’s living and mixed use sectors.”
Mark O’Brien, chief executive of Revelate Capital, said: “This is our second development in the Newmarket district following the Eight Building, and we are extremely proud to see Newmarket Square completed to such a high standard.
“The project reflects our commitment to thoughtful urban regeneration and to delivering homes that respond to Dublin’s evolving housing needs.”
