Global investment manager Nuveen Real Estate has bought in to a residential site at Castleforbes Business Park (Castleforbes) in a joint venture with pan-European investment manager Eagle Street Partners and Hesta, the Health Employees Superannuation Trust Australia
The site comes with planning permission for a build to rent (BTR) development of up to 702 homes.
PropertyEU reported last month that Eagle Street had lined up the acquisition of the site for €78.5 mln.
The development, which benefits from full planning permission, is expected to complete in 2024, and on completion will have a gross development value (GDV) in excess of €500 mln. The asset was acquired from Irish homebuilder Glenveagh Properties.
The development will include new homes for rent, a community space, social and affordable housing, public amenity space, and an adjacent hospitality offering.
The acquisition is Nuveen Real Estate’s first build to rent investment in Dublin as the investment manager seeks to increase its portfolio of living assets across Europe. It also marks the first investment in Europe’s living sector by Hesta, one of Australia’s largest superannuation funds for health and community services workers.
Eagle Street will manage the asset as part of its Resident Space operating platform.
Austin Mitchell, head of international housing at Nuveen, said: 'This is a very exciting project and an important milestone for Nuveen as we increase our portfolio of living assets globally.
'After Spain and Japan, Greater Dublin is our third purpose built for rent multifamily market outside the US, and we are delighted to be working with Eagle Street and Hesta on this landmark project.'
Justin Bickle, founder, executive chairman and chief investment officer at Eagle Street, said: 'Today’s acquisition of Castleforbes represents the first deal for Eagle Street’s new Resident Space platform which we are determined will deliver high quality, affordable, and purpose built modern rental product into a chronically under-supplied residential market.
'The opportunity to work with Nuveen, one of the world’s largest and most storied real estate investors, and Hesta, one of Australia’s leading superannuation funds, is testament to the importance of Dublin as one of Europe’s premier gateway cities.'
