Nuveen Real Estate has provided a €130m green loan to a Dublin based core open-ended social and affordable housing fund managed by Ardstone.
The Ardstone Residential Impact Fund (ARIF) has also acquired a €180m portfolio of three suburban apartment developments, the manager said, adding that it is on target to reach a portfolio size of €1bn by the end of the year, and €2bn by the end of 2022.
As previously reported, CBRE Investment Management made a €450m commitment to ARIF. Bouwinvest Real Estate Investors also made a €75m commitment on behalf of its European mandate to the fund.
Since launching in January, ARIF has acquired 13 assets. It also has an exclusive pipeline of 2,500 additional units, with more funding and acquisitions to be announced imminently, the manager said.
Donal O’Neill, CEO of Ardstone, said: “Ardstone and Nuveen share several key investment themes, and there is a unique opportunity with the ARIF strategy to fund and provide much-needed, social and affordable housing for the Irish market.
“Furthermore, the entire portfolio will be A-rated, and our environmental and societal targets are aligned with the United Nations’ Sustainable Development Goals.”
Christian Janssen, managing director and head of real estate debt for Europe at Nuveen Real Estate, said: “We are pleased to support Ardstone in the implementation of their investment strategy with this long-term, green loan.
“The focus on social and affordable housing, as well as the pursuit of sustainable societal objectives and the reduction of carbon emissions, is complementary to our own strategies and goals.”
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