A fund advised by European real estate investment manager Tristan Capital Partners has entered into a forward purchase agreement to acquire 372 private rental sector (PRS) apartments to be developed in the Clongriffin area of North Dublin from local developer Twinlite.
The units are spread over three blocks, which also benefit from 408 parking spaces and modern tenant facilities including a gym, exercise studio, cinema and concierge.
Local development and operating partner Twinlite will take a minority equity stake in the Clongriffin investment alongside the EPISO 4 Fund.
Financial details were not disclosed.
Kristian Smyth, director, at Tristan Capital Partners, said: 'Dublin PRS is still experiencing significant undersupply at a time when demand is growing. Local population growth coupled with restrictive Central bank mortgage rules have resulted in the number of PRS households increasing by over 60% in the last decade. As demand intensifies, tenants are looking for more affordable locations like Clongriffin; one of the key urban districts in North Dublin.'
EPISO 4 was advised by Maples Calder, PWC, Hooke & MacDonald and Malcom Hollis. Twinlite was advised by Byrne Wallace and Matheson. Activate Capital is financing the development phase and was advised by McCann Fitzgerald.
