Kgal Core 5 Life, an Article 9 residential real estate fund with a European focus managed by Kgal, has acquired a portfolio in Lucan, County Dublin, consisting of three residential buildings with 104 units for an undisclosed amount.
The seller of the portfolio is TPG Angelo Gordon and local partner Carysfort Capital.
The properties, which were built between 2020 and 2022, have a total lettable area of 8,882 m2 and were acquired in an off-market deal at an 'attractive purchase price'.
The three residential buildings in Lucan near Dublin are practically 100% let, with units only falling vacant for short periods due to tenant turnover. The majority of tenants are under 40 years old, many of them working for tech companies such as Apple, Intel or Microsoft.
'In addition to the expected increase in rental income, there is a realistic potential for our new-build portfolio to increase in value thanks to the favourable conditions,' said André Zücker, co-CEO of Kgal and responsible for transaction management.
Florian Martin, co-CEO of KGAL and responsible for Business Development added: 'We are very satisfied with the purchase in Dublin and already have a number of other European properties under review. Following the strong start to our Kgal Core 5 LIFE, we have seen growing interest from investors and are planning the next fund closing in the coming months.'
The acquisition is the second for the fund following a first transaction in Málaga, southern Spain.
