DWS buys 207-home Dublin resi scheme

DWS has acquired Hayfield, a residential scheme in Dublin, from Irish developer Park Developments for €97.5m (£81.5m) in an off-market transaction. The acquisition is on behalf of two of DWS’s German institutional real estate funds and was structured as a forward purchase. The scheme comprises 207 homes along with communal break-out areas, office pods and a gym. It is located in the desirable south Dublin suburb of Killiney. Adam Johnson, head of real estate asset management for the UK at DWS, said: “Demand for high-quality, professionally managed schemes is proving increasingly attractive owing to changing lifestyle choices and an undersupply of rental options. Upon completion, Hayfield will create a vibrant community and embed the location as a desirable place for tenants to live.” Ulrich Steinmetz, head of European transactions, real estate at DWS, added: “The residential sector is one of the more defensive, especially in core markets supported by solid fundamentals. We will continue to look for good-quality residential assets in strong markets in Europe which contribute positively to community and for residents.”