Eagle Street swoops on Castleforbes in €78.5m Dublin deal

Newcomer Eagle Street has bought a 4.6-acre residential and hotel site in the centre of Dublin from Glenveagh for €78.5m (£67m). The Castleforbes site has full planning permission for 702 apartments and a 219-bedroom hotel. The transaction is expected to be completed in Q4 2021 and has a gross development value in excess of €500m. Eagle Street plans to tie the apartments in to its Irish PRS platform, Resident Space, which will be launched later this year. Eagle Street believes Resident Space will become one of Ireland’s leading PRS players, delivering a pipeline of at least 5,000 purpose-built units in Dublin. The team is actively exploring further potential pipeline sites for the residential platform. Eagle Street, a pan-European real estate investment and asset management firm, was founded in December 2020 by executive chair Justin Bickle and CEO Shane Scully who were previously at Glenveagh. They led the deal to buy the Castleforbes site for Glenveagh in 2018. Scully said: “This significant deal represents the rollout of our PRS business strategy in Ireland. In recent months we have had a number of approaches concerning similar opportunities, and we are eager to explore avenues, alongside our cornerstone investors, that will allow us to transform sites like Castleforbes into vibrant, high-quality residential and commercial spaces of the kind needed in Ireland at present.” Since its founding eight months ago Eagle Street has invested more than €150m in real estate projects in Ireland and the UK, including the acquisition of 300,000 sq ft of offices in the UK and Ireland, let to GlaxoSmithKline and Accenture among others. To date Eagle Street’s investments have been principally sourced off-market. Glenveagh announced strong H1 results this morning, boasting a 245% rise in revenue to €127.5m and a 235% rise in core gross profit to €17.1m.   To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews Image from Eagle Street