Real IS, the property investment arm of BayernLB, has purchased a residential property at Malahide Road 17 in Dublin from local player Gem Group.
Financial details were not disclosed.
The property was acquired for the open-ended real estate special AIF Modern Living.
Following its completion in the fourth quarter of 2023, the property will have a total leasable area of 6,690 m2, made up of 93 subsidised residential units and three commercial units. A 25-year lease agreement for all the residential units has already been concluded with Dublin City Council.
'Ireland, and in particular Dublin as the country’s economic motor, has provided itself to be extremely crisis-resilient in the past two years, which makes the property on Malahide Road another attractive investment for our ‘Modern Living’ fund,' said Axel Schulz, global head of investment at Real IS.
Malahide Road is situated within the Dublin metropolitan area and is easily reached thanks to the existing infrastructure with a direct link to the M50 motorway and the city's public transport network.
Real IS was advised on legal and tax aspects of the purchase by William Fry and KPMG. The technical consultant was Watts. Hooke & MacDonald acted as the broker and Leman as the legal consultant for the seller.
