Pan-European real estate manager Ardstone Capital has raised €214 mln in commitments for its first Dublin-focused residential investment fund.
Ardstone Residential Partners I is operating under the Ardstone Homes brand, with a focus on house-building in Dublin's commuter belt. Announcing the final close of the fund, Ardstone said the equity commitments exceeded its original €200 mln target.
The fund is already 75% invested across 17 separate sites, at various stages of planning and construction.
Ardstone Homes is launching the first phase of its scheme in Kinsealy (picture), north Dublin, this month, and expects ‘very robust sales’. Further schemes will be brought to market in the first half of 2018.
In total, Ardstone Homes will deliver 3,500 starter homes to the supply-constrained Irish market. Ardstone plans further residential strategies in the Irish market, including the PRS / Build-to-Rent sector.
The funds mandate is to generate a 15% triple net annual return to investors. It is targeting zoned and planned residential land, with the Ardstone Homes platform overseeing the design, building and sales process.
This new strategy marks Ardstone’s third very specific theme since 2012, having successfully partnered with CBRE GIP for AROF, a UK regional office strategy and again for Ardstone Value Partners, a Dublin-focussed office and retail value-add strategy.
Dublin and London-based Ardstone Capital is an independent real estate manager, owned and managed by its principals. The company's funds include core-plus, value-add and opportunistic strategies with total assets under management of €600 mln across the UK, Ireland and Western Europe. The funds' investors are a mix of private, institutional, multi-manager and sovereign wealth funds.
