Residential development Newtown Gardens, located in Blackrock, a suburb in the south of Dublin, has been completed and added to the portfolio of Union Investment's open-ended real estate fund UniImmo: Deutschland
Union Investment entered into agreement to purchase the development in 2022 by way of a forward purchase from the listed Irish residential project developer, Glenveagh Properties.
The scheme is situated in one of the most sought-after residential areas in Dublin and comprises five detached residential blocks totalling 124 apartments, an underground car park with 68 car spaces, and an additional 18 outdoor parking spaces located at ground level. The apartments primarily consist of one and two-bedroom units.
'We anticipate a strong demand for Newtown Gardens due to the superb building and location qualities of the scheme. Blackrock is regarded as one of the most coveted residential addresses in Dublin. The location benefits from its proximity to Blackrock Village, the Sandyford Business Park, and very good public transport connections to Dublin's city centre,' said Friedrich Warmbold, head of investment management residential at Union Investment.
Union Investment's entry into the Irish residential market took place in 2021 with the acquisition of the residential development "8th Lock", which was also fully handed over this year and is located in the northwest of Dublin, forming part of the UniImmo: Deutschland portfolio.
In total, the Irish residential portfolio of the Hamburg-based real estate asset and investment manager encompasses three residential complexes with approximately 700 apartments, all located in the Greater Dublin Area.
