Patrizia AG has agreed to forward purchase a 166-unit build-to-rent development in Harold’s Cross, Dublin, Ireland, for €93m from Marlet Property Group on behalf of Bayerische Versorgungskammer (BVK). The transaction increases Patrizia’s portfolio in Ireland to €650m.
The 14,500m² scheme will comprise a mix of one, two and three-bedroom apartments, as well as a range of amenities including a gym, residents lounge, cinema, games area and concierge service. The development, which is expected to be completed at the end of this year, will also feature landscaped open spaces with dedicated play areas for children. The complex is also adjacent to Mount Argus Park and near Rathmines, Rathgar and Grand Canal, and benefits from easy access to Dublin City Centre.
Antonio Marin-Bataller, Director, Transactions UK and Ireland at Patrizia, commented: “This acquisition aligns perfectly with our strategy to grow our build-to-rent investments in Dublin. We have a long track record in Ireland, as well as in the residential sector across Europe, and remain committed to this fast-growing market. We expect this development’s high-quality design and attractive location to meet with positive reception, addressing a shortage of new accommodation for the Dublin community.”
