Solas Living, a new platform focused on the supply of affordable rental homes in the greater Dublin area has completed its first round of acquisitions, paying about €40 million for 157 units across six schemes in Dublin and Kildare.
The deal forms part of Solas Living’s longer-term plan to invest upwards of €200 million in new and refurbished homes, including units that are currently sitting vacant.
Established as a partnership between Dublin-based Mm Capital and pan-European private equity real estate investor, Deutsche Finance International (DFI), Solas Living is also aiming to engage with local authorities in the capital and surrounding areas in relation to the provision of social housing.
Supply shortage
The first tranche of Solas Living’s acquisitions comprise units at Craddockstown, in Naas, Co Kildare; Eblana Avenue, in Dún Laoghaire, Co Dublin; Fawn Lodge in Castleknock, Dublin 15; Hampton Gardens in Balbriggan, Co Dublin; Primrose Gate in Celbridge, Co Kildare; and Weaver Court in Clondalkin, Dublin 22.
Commenting on the completion of the deal, Peter Leonard, director at Solas Living said: “We are very aware of the supply shortage of good quality, professionally-managed rental homes in the Dublin market. Solas Living has been established to help provide a solution to the issue of accessibility to homes for rent, by increasing supply and ensuring that ours fall within an affordable bracket.”
