Greystar Real Estate Partners has launched its entry in Ireland with the acquisition of a €175.5m residential apartments asset.
The global residential specialist has agreed a forward-purchase deal to buy Dublin Landings from Ballymore International Developments and Oxley Holdings and has appointed Claire Solon, currently head of property at Aviva, as managing director to lead and drive forward its strategy in Ireland.
The Dublin Landings is made up of 268 residential apartments with associated amenity spaces. It also comprises 565,000sqft of office space over 5 blocks and 17,000sqft of retail and restaurant space.
The 5.5-acre site is currently under construction with the residential components being delivered in phases, beginning in the fourth quarter of 2019.
Greystar, which is an established multifamily investor in the US, has been expanding in recent years as it seeks to become a global residential investment platform.
Last month, the company teamed up with Henderson Park to acquire a £101m (€113m) development site in London. It also made its first foray into the Spanish private-rented sector with the acquisition of a property at 48 Gran Vía in Madrid.
Mark Allnutt, senior managing director UK & Ireland of Greystar, said: “As the European build-to-rent market continues to grow strongly, this deal demonstrates Greystar’s position as one of the leading developers in this space.
“Alongside Dublin Landings, we are looking forward to welcoming Solon as our Ireland country lead. Her wealth of experience in the Irish property sector will be invaluable as we continue to expand our footprint in the UK and Ireland.”
Solon who will begin her role at Greystar Ireland 21 October. She previously worked at The Electricity Supply Board where she was head of estates management.
Solon said: “We will be seeking to grow on the success of Dublin Landings in terms of the future acquisition of large residential development opportunities.
“There is a significant market for high quality, well located and professionally managed rental accommodation and I look forward to driving the delivery of this vision.”