DWS has invested over €350m to buy two separate residential portfolios in a deal which more than doubles the value of the manager’s Irish residential portfolio.

DWS, on behalf of its German retail real estate funds, has bought the Prestige portfolio, spread across the northern Dublin and has agreed the forward purchase of the 368-unit Cheevers Court & Halliday House in southern Dublin from Cosgrave.

The Prestige portfolio comprises an existing residential asset and a forward purchase of three new development schemes from MKN Property. A phased completion over the next 12 months will result in 295 units.

Cheevers Court & Halliday House’s completion is expected from mid-2021 and the first quarter of 2022.

DWS said the schemes will lift its Irish residential portfolio to €560m at the end of the phased delivery.

Ronen Ribak, head of real estate transactions, Europe at DWS, said: “This continues our strategic push and commitment to Irish real estate, with particular focus on Dublin.

“With strong market fundamentals driving demand for rental accommodation across Ireland and Europe, residential will remain a key strategy for DWS.”

Matthias Naumann, CIO Europe real estate at DWS, said: “The diversified nature of the combined portfolios will add favourably to Ireland’s expanding residential sector upon full completion.

“We will continue to seek residential with well-connected transportation networks, along with good quality schemes in established and emerging locations offering solid risk-adjusted return profiles.”

Since entering Ireland almost two years ago, DWS has transacted close to €1bn across a range of real estate sectors.

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