Ardstone has launched a core, open-ended fund targeting the social and affordable residential sector in Dublin. The strategy is focused on financing and delivering secure, long-term returns in a socially responsible manner through the provision of high-quality affordable housing to social, affordable and private tenants. The strategy will see Ardstone working closely with local authorities and actively participating in mixed tenure housing, which sees owner-occupiers and renters living within newly delivered communities. The fund is positioned at the forefront of Irish social and affordable residential real estate, supported by compelling economic and demographic conditions. Since launching in January 2021, the fund has acquired ten assets comprising 1,275 newly constructed units representing three of the top five largest transactions to occur in the Irish market this year. It also has an exclusive pipeline of 2,500 additional units, with more acquisitions to be announced imminently.
Ardstone has had a strategic partnership with CBRE Global Investment Partners (CBRE GIP) since 2013, spanning Ireland and the UK through a series of programmatic ventures and this fund commitment. CBRE GIP made the cornerstone investment into this strategy on behalf of a number of its clients.
Line Verroken, Senior Investment Manager at CBRE GIP, said: ”Investing in high-quality, sustainable and affordable housing is one of our preferred investment themes. There is a growing housing shortage in the Dublin market and we are keen to play a role by providing high quality and affordable homes. We believe the fundamentals for this investment are very strong and provide an opportunity to create value in both financial and social terms. We are pleased to be partnering with Ardstone for this strategy”.
Donal O’Neill, CEO of Ardstone said: “We are delighted to continue to grow our partnership with CBRE GIP, and we are committed to building an unparalleled platform in the social and affordable sector. We have been highly active in the residential market for the past five years and we are confident that our local expertise, pipeline, and sustainability knowledge will allow us to move quickly towards our ambition of scaling the portfolio to 3,500 units by this time next year and creating significant value for our investors. We are committed to working alongside local policymakers and other stakeholders to assist with supplying appropriate housing to the market”.
