Global asset manager Aberdeen Standard Investments (ASI) has made its first investment in Ireland's fast-growing private rented sector (PRS) market, paying €20 million for a portfolio of 39 apartments in Dublin city centre.
Built by Red Rock Developments, the scheme at 19-20 Blackhall Street in Smithfield promises to deliver a steady and reliable return to ASI’s European Long Income Real Estate Fund, as it is being let in its entirety to Dublin City Council on a 25-year inflation-linked lease.
The price paid for the portfolio equates to an average of €512,820 per apartment.
Commenting on the completion of the deal, Robert McDonnell, residential fund manager at Aberdeen Standard Investments, said: “The Blackhall Street development is well located, and we are delighted that this acquisition will help Dublin City Council meet a portion of their social housing needs, whilst also providing investors in the fund with a sustainable income stream over the long term.”
Keith Craddock, managing director and founder of Red Rock Developments, added: "We are very pleased to have partnered with Aberdeen Standard Investments' European Long Income Real Estate Fund on their first Irish real estate transaction to deliver this high-quality development, providing much needed social housing for Dublin city."
Davy Real Estate acted on behalf of Aberdeen Standard Investments, while residential and commercial real estate agent Owen Reilly advised Red Rock Developments on the transaction.
