Real IS, the property arm of German lender BayernLB, has acquired a residential complex in Dublin from Bain Capital for its special real estate alternative investment fund (AIF) Real IS Wohnen I.
Financial details were not disclosed.
Completed in September 2020, the residential complex Knockrabo comprises four separate apartment blocks, each with four or five floors. The aggregate rental area of 5,905 m2 is divided into 63 residential units, consisting of two-bedroom to four-bedroom apartments and 9 penthouses.
In addition the property offers a total of 93 parking spaces. The purchased property is almost fully let.
Axel Schulz, global head of investment management at Real IS said: ‘There is still excess demand for residential properties in Dublin. This is one of the reasons why we have chosen Dublin for our first acquisition for the investment fund outside Germany.
'Compared with other European markets, rental yields are higher in Ireland. This too makes the location interesting for our investors. Additional benefits are the high quality and the attractive position of the modern residential complex.'
Knockrabo is located in a popular area in the south of Dublin, around seven kilometres from the city centre.
Real IS was advised on the purchase by Cushman & Wakefield and received legal advice from Dentons. Watts was commissioned with technical consulting services, and LIV Consult provided PRS specific advice and support.
