UK-headquartered investor M&G has paid €99.5 million for a portfolio of 148 high-end apartments in Donnybrook, Dublin 4. The price paid by M&G’s European Living Property Fund represents an average of €672,297 per unit. The apartments at Eglinton Place, which are in the process of being completed by Irish developer Richmond Homes, will target demand at the upper end of Dublin’s private rented sector.
The scheme, a mix of one, two and three-bedroom homes, will be ready for occupation by the summer. Quite apart from its accommodation, Eglinton Place will offer residents the use of communal lounges, rooftop gardens, a gym, 208-bicycle spaces and 1,400sq m of external amenity space.
The Dublin 4 scheme is the European Living Property Fund’s second acquisition since its inception in January of this year. The fund’s first deal involved the purchase of a €75 million residential portfolio in Finland.
Commenting on the fund’s Dublin acquisition, Marcus Eilers, head of European residential at M&G Real Estate, said: “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.”
