Pan-European real estate manager Ardstone Capital has secured €185 mln at the second close of its Irish residential development fund.
Ardstone said that the regulated fund, Ardstone Residential Partners (ARP), which focuses on the starter home sub-sector in Dublin's commuter belt, was on target to secure capital commitments of €200 mln.
'We are very pleased to have secured these additional capital commitments for Ardstone Residential Partners, our Irish house-building strategy,' commented Donal O’Neill, co-founder of Ardstone. 'We are very excited about delivering housing units to the chronically undersupplied market and we will ensure ARP and its investors get appropriate exposure to the sector during this cycle. We have witnessed, and participated in, the Irish office market recovery and we now anticipate a similar broad-based recovery in the residential sector, where funding and supply are lacking.'
O'Neill added: 'We welcome the recent government and Central Bank measures aimed at stimulating both the sales and rental markets.'
ARP is Ardstone’s third fund since 2012, with a mandate to generate a 15% triple net annual return to investors. It is targeting zoned and planned residential land, with the Ardstone platform overseeing the house building and sales process.
The strategy marks Ardstone’s third specific fund since 2012, having partnered with CBRE GIP for AROF, a UK Regional Office Fund and again for Ardstone Value Partners, a Dublin office and retail value-add strategy.
Having deployed €130 mln already, ARP has acquired a diversified land bank capable of delivering 2,500 housing units to the starter homes market over the next 5 years, rising to 3,750 when fully invested.
