ESR Europe, the European platform of ESR Group, has sold Project Olivia, a 25,000 sqm private rented sector (PRS) residential development, to Clúid Housing, a leading Irish social housing provider, for €159.7m.
ESR said the deal “underscores ESR Europe’s ability to execute large-scale developments while generating attractive returns for investors”, despite challenging market conditions and rising interest rates.
Project Olivia is an investment held by ESR Europe Active Real Estate Fund IV, a discretionary value-add fund series targeting Western Europe that utilises a thematic, strategy-led investment approach. It comprises 328 residential apartments alongside four commercial units in Tallaght, the largest urban center in Ireland outside of Dublin. The consented development site was acquired in March 2022, with construction commencing immediately, and the project was completed in November 2024.
Alex Ray, managing director at ESR Europe, said: “The practical completion of Project Olivia marks the conclusion of the capex program for Active Real Estate Fund IV’s three Irish projects, which include a hotel and two residential developments. All three schemes were delivered under budget and ahead of schedule.”
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