DWS has purchased a private apartment scheme in Killiney, Dublin, from Irish developer Park Developments for almost €97.5m in an off-market transaction.
DWS completed the forward purchase acquisition on behalf of two of its German institutional real estate funds.
The Hayfield scheme will deliver 207 professionally managed rental apartments, central landscaped courtyards, open space and a generous car parking provision. The on-site amenity provision will include a concierge, communal break out areas, office pods and a gym.
Adam Johnson, head of real estate asset management, UK, at DWS, said: “Demand for high quality, professionally managed schemes is proving increasingly attractive due to changing lifestyle choices and an undersupply of rental options. Upon completion, Hayfield will create a vibrant community and embed the location as a desirable place for tenants to live.”
Ulrich Steinmetz, head of European transactions, real estate at DWS, added: “The residential sector is one of the more defensive especially in core markets supported by solid fundamentals. We will continue to look for good quality residential assets in strong markets in Europe which contribute positively to community and for residents.”
