German fund manager DWS has exchanged contracts to acquire a residential development in Dublin, Ireland, for one of its institutional real estate funds. Financial details were kept confidential.
Located in the immediate vicinity of Raheny Dart Station and only around 20 minutes from Dublin city centre, the Station Road residential development will create 105 modern and affordable units with a total lettable area of around 7,000 m2 that are attractive for commuters.
The developer is planning a mix of affordable 51 one-bed flats and 54 two-bed flats. All units will have balconies, and there will also be a large landscaped courtyard as a communal area. The 55 underground parking spaces are partially electrified and can be fully converted later.
The seller is Earlsfort Group. Completion is planned by the end of 2024.
Mike Hill, head of Real Estate Transactions, UK and Ireland, DWS, said: 'In April we acquired residential property ‘Royal Albert Wharf’ in east London, now adding Irish residential development ‘Station Road’ to our portfolio, which is a testament of our strong transaction pipeline. Dublin is one of our core markets due to its strong fundamentals, that offer promising growth potential for investors. We remain interested in promising acquisitions in the residential, logistics and office sectors.'
