Real IS AG has exchanged contracts on the 33-unit Block D of Marina Village in Greystone, Ireland, for the specialised institutional real estate alternative investment fund (AIF) BGV IX. The construction phase comprises a total of around 3,310m² of rental space, plus 33 parking spaces. Real IS had already acquired apartment blocks E-H of the scheme. The seller in each case is Glenveagh Homes Limited. Completion is scheduled for December 2023.
"The property helps to diversify the investment fund and stabilise the distributions to our investors. The key factors here are the accelerating recovery from the pandemic in general and by the Irish economy in particular," said Axel Schulz, Global Head of Investment Management at Real IS AG.
Marina Village is a pioneering residential project comprising a total of 6 apartment blocks as well as terraced and semi-detached houses. When completed, it will consist of 358 residential units and 165 parking spaces in total. In addition to the unique sea view and a location directly on the marina, the neighbourhood is within walking distance of Greystone railway station. Other features include daily-needs shops and the public beach in the village.
Greystone is widely known for its picturesque high street and its marina, which is in close proximity to the property itself. At just 27 kilometres to the Irish capital, Dublin, Greystone is especially popular with commuters and weekenders. There is a direct train connection to the centre of Dublin.