Nuveen makes Dublin BTR debut with $500m scheme
Nuveen Real Estate has bought a residential site at Castleforbes Business Park in Dublin in a joint venture with Eagle Street Partners and Hesta for a $500m (£372m) build-to-rent scheme.
The site, which was bought from Irish housebuilder Glenveagh Properties, comes with planning permission for a BTR development of up to 702 homes. The project is schedule for completion in 2024.
The scheme, located in the central business district in the North Docklands. will include homes for rent, a community space, social and affordable housing, amenity space and a hospitality offering.
Nuveen Real Estate has bought a residential site at Castleforbes Business Park in Dublin in a joint venture with Eagle Street Partners and Hesta for a $500m (£372m) build-to-rent scheme.
The site, which was bought from Irish housebuilder Glenveagh Properties, comes with planning permission for a BTR development of up to 702 homes. The project is schedule for completion in 2024.
The scheme, located in the central business district in the North Docklands. will include homes for rent, a community space, social and affordable housing, amenity space and a hospitality offering.
The acquisition is Nuveen’s first BTR investment in Dublin, as the investment manager seeks to increase its portfolio of living assets across Europe.
It also marks the first investment in Europe’s living sector by Hesta, one of Australia’s largest superannuation funds for health and community services workers.
Eagle Street will manage the asset as part of its Resident Space operating platform.
Austin Mitchell, head of international housing at Nuveen, said: “This is an important milestone for Nuveen as we increase our portfolio of living assets globally.
“We are assembling a unique pipeline of strategic partnerships within Europe and Asia Pacific across the life stages of housing and in locations that offer both best relative value and best-in-class execution. After Spain and Japan, greater Dublin is our third purpose-built-for-rent multi-family market outside the US, and we are delighted to be working with Eagle Street and Hesta on this landmark project.”
Justin Bickle, founder, executive chairman and chief investment officer at Eagle Street, added: “The opportunity to work with Nuveen and Hesta is testament to the importance of Dublin as one of Europe’s premier gateway cities. We look forward to contributing to ongoing placemaking in Dublin’s Docklands and to ensuring the long-term sustainability of the local area through Resident Space’s customer-centric rental offering.”
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Image courtesy of FTI
