M&G Real Estate’s newly launched European living fund has invested €99.5m to buy a private rented sector (PRS) scheme in Ireland.

The M&G European Living Property Fund has bought the property in Eglinton Place in Dublin as its second asset.

Eglinton Place provides 148 PRS homes made up of 1, 2 and 3-bed apartments, which will be ready for occupation in the second quarter of the year, M&G said.

Marcus Eilers, head of European residential at M&G Real Estate, said: “With extremely restricted supply across Ireland, there is a particularly strong demand for high-quality housing in Dublin with developments such as Eglinton Place commanding strong rents, which will help us to deliver resilient returns for our clients.

“Through this acquisition, we are building on our commitment to provide sustainable homes that support wellbeing, sustainability, and community and we are looking for further opportunities with developers and property owners across other key European markets.”

The fund, which was launched last month, invested €75m for its maiden acquisition in Finland. MN, the asset manager of Dutch pension funds PMT and PME, committed €400m to the fund.

The M&G European Living Property Fund also raised €178m from an M&G internal client fund, the manager said last month.

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