Patrizia has acquired a €93m build-to-rent (BTR) development in Ireland for Germany’s largest pension fund Bayerische Versorgungskammer (BVK).
Patrizia said it has agreed to forward purchase a 166-unit Harold’s Cross BTR development in Dublin 6 from Marlet Property Group.
The 14,500sqm scheme, which is expected to be completed at the end of this year, will comprise a mix of one, two and three-bedroom apartments.
The latest transaction increases Patrizia’s portfolio in Ireland to €650m, the pan-European real estate investment manager said. Across the region, Patrizia manages a €40bn real estate portfolio.
Antonio Marin-Bataller, director, transactions UK and Ireland at Patrizia said this acquisition aligns perfectly with Patrizia’s strategy to grow its BTR investments in Dublin.
“We have a long track record in Ireland, as well as in the residential sector across Europe, and remain committed to this fast-growing market, Marin-Bataller said.
“We expect this development’s high-quality design and attractive location to meet with positive reception, addressing a shortage of new accommodation for the Dublin community.”