DWS has increased its Irish residential footprint, exchanging over €350 mln on two high-profile portfolios on behalf of its German retail real estate funds.
A mix of existing and forward purchase schemes will add more than 663 units to DWS’s Irish residential portfolio, bringing it to a combined total of circa €560 mln at the end of a phased delivery expected in 2021 and 2022.
Since entering Ireland almost two years ago, DWS has transacted close to €1 bn across a range of real estate sectors.
‘This continues our strategic push and commitment to Irish real estate, with particular focus on Dublin. With strong market fundamentals driving demand for rental accommodation across Ireland and Europe, residential will remain a key strategy for DWS,’ said Ronen Ribak, head of real estate transactions, Europe at DWS.
Spread across the Northern Dublin locations of Clontarf, Killester, Raheny and Swords, the well-diversified ‘Prestige’ portfolio comprises an existing residential asset and the forward purchase (as majority owner) of three new development schemes from vendor and developer MKN Property Group. A phased completion over the next 12 months will result in 295 units (apartments plus housing).
Located in southern Dublin’s popular Dun Laoghaire sub market, Cheevers Court & Halliday House is a 100% forward purchase of 368 multi-family residential units from vendor and developer Cosgrave. Practical completion is expected from mid-2021 and the first quarter of 2022.
