Affinius Capital and Macquarie Capital Principal Finance have backed a €1.28bn funding for M&G Real Estate’s Irish build-to-rent portfolio in Dublin.
Institutional real estate investor Affinius and Macquarie said they provided a €182m preferred equity commitment as part of a €732m capital structure, sitting alongside a €550m senior mortgage facility arranged by Standard Chartered.
The financing supports a six-asset, 1,812-apartment Dublin portfolio developed and operated by Marlet Property on behalf of an M&G client fund.
The assets were delivered between 2021 and 2025 and feature 12 commercial units across key Dublin locations, including Harold’s Cross, Dundrum, Grand Canal Harbour and Howth.
Shaun Connery, managing director and head of European lending at Affinius Capital, said: “The portfolio represents a rare opportunity to provide capital against a newly delivered, institutional residential platform in Dublin that we believe is exceptionally well positioned to benefit from Dublin’s strong long-term housing fundamentals.
“The financing aligns closely with our strategies of providing flexible capital solutions across Europe.”
Alexi Antolovich, global co-head of real estate at Macquarie Capital Principal Finance, said: “We are delighted to partner with M&G and Marlet on this transaction investing alongside experienced partners in a portfolio with strong occupancy across its stabilised assets.
“The investment reflects our continued focus on providing flexible capital solutions to high-quality real estate businesses.”
Alex Greaves, global head of living at M&G, said: “Having created a best-in-class portfolio which is stable, income producing and comprises some of the highest-quality multifamily assets in Ireland, this transaction positions the portfolio for its next phase through the creation of a new long-term capital structure.
“The calibre of partners secured reflect sustained institutional confidence in both the quality of the portfolio and the strength of the Irish multifamily sector, of which it represents a significant proportion.”
Pat Crean, CEO of Marlet Property, said: “This transaction marks another significant step in our long-term commitment to delivering high-quality, sustainable rental accommodation for Dublin.
“We’re proud of what this portfolio represents today, and we’re excited about the pipeline of opportunities ahead as we continue to grow and sustain our build-to-rent platform in partnership with M&G. We are delighted to complete another transaction supported by Standard Chartered alongside M&G.”
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