Australian industry superannuation fund HESTA has made its first investment in Europe’s living sector through a build-to-rent (BTR) partnership in Ireland with Nuveen Real Estate and Eagle Street Partners.

Nuveen said it has teamed up with HESTA and Eagle Street to buy a site at Castleforbes Business Park in Dublin from Glenveagh Properties for a $500m (€432m) BTR development.

The site – located in the city’s North Docklands – will be used for the development of up to 702 homes which is expected to complete in 2024.

The acquisition is Nuveen Real Estate’s first build to rent investment in Dublin as the investment manager seeks to increase its portfolio of living assets across Europe.

Austin Mitchell, the head of international housing at Nuveen, said: “We are assembling a unique pipeline of strategic partnerships within Europe and Asia Pacific across the life stages of housing and in locations that offer both best relative value and best in class execution.”

After Spain and Japan, Greater Dublin is Nuveen’s third purpose-built for rent multifamily market outside the US, Mitchell said.

Sonya Sawtell-Rickson, HESTA’s CIO, said: “HESTA is focused on delivering outstanding investment performance for members while having a positive impact that contributes to fairer and healthier communities.

“Housing is a key theme for HESTA in this regard. We’re excited that the development project will create jobs and economic activity, as well as improved social outcomes by increasing the supply of affordable housing.”

Pan-European real estate investment and asset manager Eagle Street will manage the asset as part of its Resident Space operating platform.

Justin Bickle, founder, executive chairman and CIO at Eagle Street, said the acquisition of Castleforbes represents the first deal for Eagle Street’s new Resident Space platform which “we are determined will deliver high quality, affordable, and purpose-built modern rental product into a chronically under-supplied residential market”.

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