Ardstone has acquired a newly completed 180-unit residential apartment complex in Santry, North Dublin, for €79m, in a deal reflecting an initial net yield of approximately 5.25%.
The Birchwood Court scheme is currently vacant and will be ready for leasing in November.
The purchase was completed by the Ardstone Residential Income Fund (ARIF) and follows Ardstone’s recent acquisition of the 360-unit Spencer Place scheme in Dublin’s North Docklands neighbourhood last month.
Jessica Crowley, senior director at Ardstone, said: “Our goal is to become Ireland’s preeminent housing provider and investment platform. Birchwood Court aligns perfectly with this investment strategy, enabling us to secure value for our fund and provide a high quality offering for the surging occupier demand in Ireland. We are continuing to fundraise for ARIF and we remain committed to expanding our portfolio over the coming 12 months.”
