German investor DWS has paid €97.5 million for the 207-unit Hayfield apartment project in Killiney, in an off-market transaction. It is one of the largest private rented sector deals of the year.
DWS, which is understood to be also close to completing the sale of its Point Campus student development to US investor Greystar, agreed to purchase the Killiney apartments in a forward purchase deal with Park Developments on behalf of two of its German institutional real estate funds.
DWS, a subsidiary of Deutsche Bank, paid about €471,014 per unit at Hayfield, which is west of Killiney Hill and next to Killiney Shopping Centre, opposite the Graduate pub. Properties at the just launched development are available to rent from €2,150 a month.
The development features an on-site concierge, reception and resident app, along with communal break out areas, office pods and gym, and is well served by transport links, as well as strong amenities including golf courses, a nearby village and schools.
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Adam Johnson, the head of real estate asset management UK at DWS said: “Demand for high quality, professionally managed schemes is proving increasingly attractive due to changing lifestyle choices and an undersupply of rental options.”
Meanwhile, the sale of the landmark North Dock office scheme, beside Dublin’s 3Arena, has closed for a sum understood to be about €85 million – far below the asking price. The scheme, which was developed by Targeted Investment Opportunities (TIO), an umbrella fund involving Nama, Oaktree Capital and Bennett Construction, extends to some 18,766sq m (202,000sq ft) across North Dock One and North Dock Two.
The property was put on the market for about €130 million earlier this year, on behalf of the receiver, Interpath Advisory, which was appointed by US investment giant Pimco, who provided funding to the project. CBRE handled the sale.
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