Union Investment is further expanding its position in the Irish residential market with the acquisition of “Newtown Gardens”, a development in Blackrock, in Dublin’s South suburbs. The Hamburg-based real estate investment manager entered the Irish residential market in 2021 with the acquisition of the residential development "8th Lock" in Northwest Dublin, which is currently under construction.
"Newtown Gardens" and “8th Lock” have been acquired for the portfolio of the open-ended public real estate fund UniImmo: Deutschland. This is the fourth major residential investment for the fund. The seller and contractor is the Irish listed housebuilder Glenveagh Homes. The transaction has been structured by way of forward purchase and project completion is expected in Q3 2024.
"Blackrock is considered as one of the most desirable and sought-after residential addresses and benefits from nearby public transport, close proximity to Dublin City Centre, the amenity rich Blackrock Village and Seapoint Beach. The development will be delivered to very high quality and sustainability standards. Due to the structural shortage of high-quality rental accommodation in affluent areas, we expect demand to remain strong in future”, said Friedrich Georg Warmbold, Head of Investment Management Residential at Union Investment.
The scheme consists of five detached apartment blocks with a total number of 140 apartments, an underground parking garage with 67 car parking spaces and a further 30 surface parking spaces. The apartment mix is well diversified, focusing on one- and two-bedroom apartments.