Eagle Street Partners has acquired a site in Ireland for a €500m residential and hotel project.

The pan-European real estate investment and asset management firm, founded in December last year, said it has bought the 4.6-acre site at Castleforbes Business Park in Dublin for €78.5m from Glenveagh Properties.

The Castleforbes site, which benefits from full planning permissions, is capable of delivering 702 residential apartments and a 219 keys hotel.

Shane Scully, Eagle Street Partners CEO, said the deal represents the rollout of the firm’s private rented sector business strategy in Ireland.

“In recent months we have had a number of approaches concerning similar opportunities, and we are eager to explore avenues, alongside our cornerstone investors, that will allow us to transform sites like Castleforbes into vibrant, high-quality residential and commercial spaces of the kind needed in Ireland at present.”

Eagle Street was founded by Scully and executive chairman and CIO Justin Bickle, and is owned by its two founders and backed by an institutional investor.

Over the course of the past eight months the company has, including the Castleforbes transaction, committed over €150m in invested capital towards offices, hospitality and residential development real estate projects in Ireland and the UK, including the acquisition of four office buildings in the UK and Ireland and a further one in the UK to exchange, the company said.

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