German investment manager Union Investment has expanded its position in the Irish residential property market with the acquisition of the planned Seafield Strand residential quarter in Sutton, a suburb in the north of Dublin.
Financial details were not disclosed.
Seafield Strand was acquired as part of a forward purchase for open-ended real estate fund UniImmo: Europa. This is the fourth major residential investment for the fund.
The seller is Irish developer Park Developments, which has now handed over the turnkey residential quarter to Union Investment.
The Hamburg-based real estate investment manager entered the Irish residential market in 2021 with the purchase of the 8th Lock residential quarter, which is already largely completed and located in the north-west of Dublin.
Sutton is located on the north coast of Dublin Bay and is a highly sought-after residential address, according to the firm.
Friedrich Georg Warmbold, head of investment management residential at Union Investment Real Estate, said: 'Seafield Strand enjoys an excellent location on the Howth Head peninsula and has good access to Dublin city centre, which can be reached easily and quickly by commuter rail.
'This complementary location to our other Irish residential investments allows us to further diversify our portfolio.'
Seafield Strand consists of six residential blocks with a total of 140 flats and a Pre-school. The focus is on 2-bed apartments (108 units), and there are also 1- and 3-bed apartments.
'Seafield Strand was built to high quality and sustainability standards. Given the good quality of the property and its location in addition to Ireland's growing population overall, we expect demand for the apartments to be high in the future,' added Christiane Bührsch, head of asset management Europe 1 at Union Investment Real Estate.
Union Investment was advised by Cushman & Wakefield Ireland, William Fry and AECOM.
