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.

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Tristan fund agrees PRS apartments buy in Dublin

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.