APG Asset Management  (APG) and Hines have partnered on a €450m project to develop over a thousand build-to-rent (BTR) apartments along with retail facilities in Dublin.

The Dutch pension fund investor said it has entered into a joint venture with Hines International Real Estate Holdings to develop and hold the assets in Cherrywood.

With a total development cost estimated at around €450m, the joint venture is will fund both the land and the construction of 1,221 fully serviced BTR apartments, along with street level shops and cafes in the new Cherrywood Town Centre. 

Robert-Jan Foortse, the head of European property investments at APG, said:  “Having made comparable long-term residential investments in other markets such as The Netherlands, London, Madrid, and Helsinki, we are continuously looking for attractive real estate investments that help us realise stable and long-term returns for our pension fund clients and their participants.

“In a severely undersupplied market such as Dublin, we are pleased that this investment addresses this unserved demand in a meaningful way by enabling the development of over 1,200 dwellings.”

Cherrywood is a government-designated zone project to build a new town in Dublin comprising over 7,700 new homes, 6 schools, 3 major parks and leisure facilities, supported by an existing light rail system and serving an eventual planned population of 25,000 people.