Real asset fund manager KGAL has acquired a fully-let 8,882sqm portfolio in Ireland on behalf of its European residential fund.

The firm has invested an undisclosed sum on behalf of its KGAL Core 5 LIFE fund to buy the three residential buildings with 104 units in Lucan, County Dublin from TPG Angelo Gordon and their local partner Carysfort Capital.

André Zücker, co-CEO of KGAL, said: “In addition to the expected increase in rental income, there is a realistic potential for our new-build portfolio to increase in value thanks to the favourable conditions. At the same time, the letting risk is low.”

The properties were built between 2020 and 2022.

Zücker, who is also responsible for transaction management, said the deal is the second acquisition for the KGAL Core 5 LIFE fund, following the fund’s 2023 investment in Málaga, southern Spain, an investment that had “exceeded our expectations”.

Florian Martin, co-CEO of KGAL with responsibility for business development, said: “We are very satisfied with the purchase in Dublin and already have a number of other European properties under review.

“Following the strong start to our KGAL Core 5 LIFE, we have seen growing interest from investors and are planning the next fund closing in the coming months.”

To read the latest IPE Real Assets magazine click here.

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