M&G acquires €99.5m Dublin PRS scheme
M&G’s European Living Property Fund has purchased a second asset with the acquisition of Eglinton Place, Dublin, for €99.5m (£87.6), a development providing 148 private rented sector homes.
Eglinton Place (pictured) is the fund’s second purchase following its €75m maiden acquisition in Finland.
M&G’s European Living Property Fund was launched in early January with €578m investment – including €400m of investment from MN, one of the largest pension administrators and asset managers of Dutch pension funds.
M&G’s European Living Property Fund has purchased a second asset with the acquisition of Eglinton Place, Dublin, for €99.5m (£87.6), a development providing 148 private rented sector homes.
Eglinton Place (pictured) is the fund’s second purchase following its €75m maiden acquisition in Finland.
M&G’s European Living Property Fund was launched in early January with €578m investment – including €400m of investment from MN, one of the largest pension administrators and asset managers of Dutch pension funds.
The fund aims to provide institutional investors with attractive, risk-adjusted returns through investment into some of Europe’s student housing, single and multi-family housing and retirement living sectors.
The Eglinton Place scheme is close to the city centre and includes one-to-three-bed apartments, which will be ready for occupation in Q2 2023.
The development also provides communal lounges, balconies, terraces, rooftop gardens, a gym, 208 bicycle spaces, and 15,000 sq ft of external amenity space.
The development, by Irish housing developers Richmond Homes, is targeting BREEAM Very Good certification as a minimum.
M&G Real Estate head of European residential Marcus Eilers said: “With extremely restricted supply across Ireland, there is a particularly strong demand for high-quality housing in Dublin with developments such as Eglinton Place commanding strong rents, which will help us to deliver resilient returns for our clients.”
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Image © M&G
