Pan-European real estate manager, Ardstone Capital, is on target to secure capital commitments of €200m for Ardstone Residential Partners (ARP), a regulated fund focusing on residential development in Ireland. It will close out the raise in Q1 2017.
ARP is Ardstone’s third fund since 2012. ARP’s mandate is to generate a 15% triple net annual return to investors. It is targeting zoned and planned residential land, with the Ardstone platform overseeing the house building and sales process.
Having deployed €130m already, ARP has already acquired a diversified land bank which can deliver 2,500 housing units to the starter homes market over the next 5 years. That number will increase to 3,750 when fully invested.
ARP is using a select number of proven house-builders and has already commenced on a 165-unit site in the very popular commuter town of Swords, close to Dublin airport.
