Irish residential investment firm Urbeo has inked a deal with Ireland's Cairn Homes to acquire 282 apartments in Dublin for €94 mln.
Urbeo, which is bankrolled by Starwood Capital, said that the deal was part of an ambitious growth strategy.
'We have ambitious plans to expand our build-to-rent portfolio through further acquisitions and forward purchase agreements with high quality partners like Cairn,' said Richard Ball, partner at Urbeo.
The 282 apartments for private rental are located within the Citywest scheme, where Cairn has also developed The Quarter at Citywest and Edenbrook, the units from which were launched for sale to individual buyers earlier this year.
According to Cairn, the deal marks the second largest private rental sector transaction ever achieved by the firm. Last summer it divested 120 units at Six Hanover Quay in Dublin to a vehicle manager by Carysfort Capital for €101 mln.
Michael Stanley, co-founder and CEO of Cairn, said: 'Significant demand exists from long term institutional investors for multifamily private rental sector apartment developments, and with our pipeline across our about 4,400 unit well-located apartment sites, we will continue to actively engage with these institutional investors.'
