CBRE Global Investment Partners (GIP), investing on behalf of a number of its clients, has made a €450m commitment to a fund launched by Ardstone to target social and affordable housing assets in Dublin.
European real estate investment manager Ardstone said the core, open-ended fund has acquired ten assets comprising 1,275 newly constructed units since its launch in January.
It also has an exclusive pipeline of 2,500 additional units, with more acquisitions to be announced imminently, the manager said, adding that it is set to “secure commitments from additional high calibre investors shortly”.
The fund’s initial investment secured from CBRE GIP builds on Ardstone and CBRE GIP’s partnership which started in 2013. The duo have partnered on a number of ventures in Ireland and the UK.
Line Verroken, a senior investment manager at CBRE GIP, said: ”Investing in high-quality, sustainable and affordable housing is one of our preferred investment themes. There is a growing housing shortage in the Dublin market and we are keen to play a role by providing high quality and affordable homes.
“We believe the fundamentals for this investment are very strong and provide an opportunity to create value in both financial and social terms.”
Donal O’Neill, CEO of Ardstone said: “We are delighted to continue to grow our partnership with CBRE GIP, and we are committed to building an unparalleled platform in the social and affordable sector.
“We have been highly active in the residential market for the past five years and we are confident that our local expertise, pipeline, and sustainability knowledge will allow us to move quickly towards our ambition of scaling the portfolio to 3,500 units by this time next year and creating significant value for our investors.”
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