Principal Real Estate has acquired a social housing portfolio in Dublin from New Beginning and the Irish Social Housing Fund, an affiliate of RoundShield Partners, for €20.2m for the Principal Eurozone Durable Income Fund. Comprising 55 individual and family homes located across Dublin, the social housing portfolio is let to Dublin’s local authorities on long-term 25-year leases.
Giles Smith, Head of Fund Management at Principal Real Estate, commented: “Already acute, the need for social housing in Ireland has only intensified during the course of the COVID-19 pandemic. This transaction is among the first of our institutional acquisitions in the Irish social housing sector, simultaneously meeting investor demand for long term CPI-linked income streams of investment-grade credit quality while also supporting the Irish government’s policy aim of drastically increasing social housing provision where it is most needed.”
