Glenveagh Properties has sold a large apartment development in Dublin to an institutional investor for over €55m.
Herbert Hill consists of 90 units, situated in Dundrum.
Glenveagh has been building the development for the last two years.
According to the company there was significant institutional investor interest in it.
"Herbert Hill has been a major priority for the Company over the past two years," said Stephen Garvey, CEO of the firm.
"We are delighted to have brought this project to such a successful conclusion as part of our ongoing suburban and urban residential home building programme."
It is the second sale by a developer of a large tranche of new residential properties straight to an institutional investor this week.
Cairn Homes said yesterday that it had agreed to sell 150 multi-family private rental sector homes in its Mariavilla development in Maynooth, Co Kildare to Irish residential investment firm Urbeo for €53.5m.
The 150 new homes - comprising apartments, duplexes and houses - are being delivered on a phased basis from December.
