Irish real estate investment firm Ardstone has acquired a €79m apartment complex in North Dublin for its core residential fund.
Ardstone said it has bought the 180-unit Birchwood Court complex in Santry for its Ardstone Residential Income Fund (ARIF).
The newly-built property, which is currently vacant, represents a net yield of around 5.25% and will be ready for leasing in November, Ardstone said.
Through the ARIF fund, Ardstone now has a portfolio of over 3,000 residential properties under management located across Greater Dublin. Ardstone also has approximately 1,000 units under construction through its residential development division, the manager added.
Jessica Crowley, senior director at Ardstone, said: “Our goal is to become Ireland’s preeminent housing provider and investment platform. Birchwood Court aligns perfectly with this investment strategy, enabling us to secure value for our fund and provide a high-quality offering for the surging occupier demand in Ireland.
“We are continuing to fundraise for ARIF and we remain committed to expanding our portfolio over the coming 12 months.”
To read the latest IPE Real Assets magazine click here.
