M&G’s European Living Property Fund has purchased a 148-bed PRS housing development in Eglinton Place, Dublin, for €99.5m.
The purchase is the second completed by the fund, which launched in January with €578m of investment, including €400m of investment from Dutch pension administrator MN.
The Dublin development consists of one-, two- and three-bed apartments and will be ready for occupation in Q2 this year. It is targeting a minimum BREEAM Very Good certification.
Marcus Eilers, head of European residential at M&G Real Estate, said: “With extremely restricted supply across Ireland, there is a particularly strong demand for high-quality housing in Dublin with developments such as Eglinton Place commanding strong rents, which will help us to deliver resilient returns for our clients.
“Through this acquisition, we are building on our commitment to provide sustainable homes that support wellbeing, sustainability, and community and we are looking for further opportunities with developers and property owners across other key European markets.”
