Union Investment is expanding its position in the Irish residential market with the acquisition of Newtown Gardens, a development in Blackrock, Dublin, from Glenveagh Properties.
The scheme consists of five detached apartment blocks with 140 one and two bedroom apartments, an underground parking garage with 67 car parking spaces and a further 30 surface parking spaces.
The German-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 bought for the portfolio of the open-ended public real estate fund UniImmo: Deutschland and today'd deal is the fourth major residential investment for the fund.
The project is expected to be finished by the third quarter of 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," commented Friedrich Georg Warmbold, Head of Investment Management Residential at Union Investment.
"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," he added.
