Ardstone Capital has raised €185m for its Irish residential property fund.
The investment manager began raising capital for its Residential Partners vehicle in March this year.
The fund is on target to raise €200m by the first quarter of next year, having been backed by six institutional investors, Ardstone said.
The starter home sub-sector in Dublin’s commuter belt is the fund’s main focus.
Ardstone, which has previously partnered with CBRE Global Investment Partners in the office and retail sectors, said €130m had so far been invested by the fund, which is expected to generate a 15% triple net annual return.
Donal O’Neill, co-founder of Ardstone, said: “We have witnessed, and participated in, the Irish office market recovery, and we now anticipate a similar broad-based recovery in the residential sector, where funding and supply are lacking. We welcome the recent government and central bank measures aimed at stimulating both the sales and rental markets.”
The vehicle is the firm’s third fund since 2012.
