Irish residential investment firm, Urbeo, is acquiring a scheme of 282 apartments for private rental at Citywest in Dublin for €94 million from Cairn Homes.

Cairn announced the deal in a statement this morning and said it reflects "the breadth and scale of the institutional demand for private rental sector units in Dublin".

The 282 units, across six apartment blocks, are currently under construction and will be delivered in phases from the end of next year.

Cairn's overall development site at Citywest includes The Quarter at Citywest and Edenbrook residential development which launched for sale to individual homebuyers in May 2019, with over 60 homes sold to date.

Edenbrook will be reopening for the Autumn selling season on 7 September 2019.

The sale is Cairn's second large private rental sector transaction following the forward sale of 120 apartments at Six Hanover Quay in Dublin City Centre.

Michael Stanley, co-founder and CEO of Cairn, said significant demand exists for long term institutional investors for apartment developments, and Cairn "will continue to actively engage with these institutional investors".

Richard Ball, Partner at Urbeo, said the firms is looking forward to working with Cairn up until completion of the units. "We have ambitious plans to expand our build-to-rent portfolio through further acquisitions and forward purchase agreements with high quality partners like Cairn."

Stockbroker Davy said the deal shows the strong potential for Cairn Homes to sell into the private rented sector as well as the home owner market. It said such a strong forward sold site provides good visibility on revenue into 2020 and 2021.