Urbeo expands board for post-Covid investment drive

Urbeo Group has appointed Eileen Fitzpatrick to its board as it seeks new post-Covid-19 development and investment opportunities in Ireland. The former head of NewERA at Ireland’s National Treasury Management Agency has joined Urbeo’s board as non-executive director. Urbeo is understood to be reviewing opportunities in logistics and expanding from PRS forward funding deals to developing assets for investor acquisition. It aims to take advantage of new opportunities in the market as a result of the pandemic, with a particular lack of funding for developers. Fitzpatrick spent almost a decade advising state-owned companies on investment and commercial strategy at NewERA, until her departure in 2019. Prior to that she was chief executive at AIB Investment Managers. She holds non-executive director roles with the Bank of Ireland and KKR Ireland. Urbeo launched its PRS strategy at the end of 2018, through a joint venture between Urbeo Residential, Starwood Capital and the Ireland Strategic Investment Fund, with a goal to build a €1bn (£900m) PRS platform. It has invested €500m with a portfolio of more than 1,500 homes in Dublin and suburban locations, and is on track to grow to 2,000 homes. Urbeo group partner Richard Ball said: “We are now looking to expand into new areas, and believe that the likely changes in the way we live and work in the aftermath of the pandemic could yield interesting opportunities. “While Covid-19 has caused disruption and uncertainty, we remain optimistic that there are significant investment opportunities for Urbeo to avail itself of in Ireland.” To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette