GLOBAL investment giant M&G’s Real Estate arm has bought a development of 67 apartments in the Dublin suburb of Blackrock for €31.3m.
The two blocks, known as The Butter Yard, have been let to Dun Laoghaire Rathdown County Council for social housing use on a 25-year term.
The sale suggests an average price of €460,000 for the units, which are one and two-bed homes.
M&G said the development will add to social housing supply in Dublin and follows the investment manager’s earlier €99m acquisition of a 148 unit development at Eglinton Place in Dublin city which will be used for private rental.
M&G said home ownership in Dublin remains out of reach for most of the younger generation with around 65pc of those under 35 living in rental accommodation.
The deal in Blackrock was made by the M&G European Secured Property Income Fund.
Designed and built by Dublin-based developer Barina Property Group, the Butter Yard is has an Irish Building Energy Rating of A3 or better and features include a green roof, EV charging points, heat pumps providing energy efficient heating and hot water to individual apartments, a landscaped courtyard, children’s play area, 83 bicycle spaces and 45 car parking spaces.
Lee McDowell, Manager of the M&G European Secured Property Income Fund, said Dublin has a strong demand for high-quality, sustainable housing but with limited supply.
“The long-term lease agreement with Dun Laoghaire Rathdown County Council follows our strategy of securing reliable, long-term cash flows, which grow in line with inflation. We will continue to target similar opportunities as we grow the fund.”
Source : Independent
