Real IS, the property investment arm of German lender BayernLB, has acquired Ropemaker Place, an apartment block in Dublin from Marlet Property Group, an Irish property developer.
Financial details were not disclosed.
The residential-led asset, which comprises 56 apartments, two retail units and 28 parking spaces, has been acquired for the Real IS Gref real estate special alternative investment fund on behalf of an individual mandate from a German pension fund.
'With Ropemaker Place, we are continuing our growth trajectory in Ireland. Dublin stands out in particular, with high excess demand in the residential sector and its dynamic growth despite the Covid-19 pandemic,' said Dr. Pamela Hoerr, member of the management board of Real IS.
The acquisition marks the second Dublin residential investment made for Real IS Gref. At the end of 2019, Real IS also bought the Herbert Hill scheme on behalf of this fund.
The latest buy is located on Hanover Street East in Dublin’s Central Business District, close to the modern South Docks.
Real IS was advised by Cushman & Wakefield, William Fry and EY.
