Patrizia Immobilien has bought its first asset in Ireland, investing in a residential property in Dublin with a German pension fund.

The firm said it has bought the Park Lodge apartments building in a €15.25m co-investment deal.

The 4,700sqm property was sold by a private US investor, further evidence of Ireland moving on from being an opportunistic market.

In 2013, it was reported that Israeli businessman Eyal Bor paid €9.6m for Park Lodge on North Circular Road.

Patrizia said it will now look to sell off the asset’s 62 fully-furnished apartments to private buyers in the coming years.

Patrizia’s first deal in Ireland follows investments in Germany, Denmark, Sweden and The Netherlands, where it recruited Peter Helfrich as managing director of a new office last year.

The firm also recently opened an office in Iberia. Borja Goday was appointed as head of the new subsidiary.

The firm is understood to be looking at making investments in the UK and France.