MEAG, the asset manager of Munich RE, has acquired a build-to-rent (BTR) development in Dublin from Valpre Capital, Revelate Capital and a UBS-managed fund for an undisclosed price.
The 18 Newmarket Square development, which occupies a prominent position on Newmarket Square in the Liberties, comprises 134 apartments, a retail unit, 301 designated bicycle parking spaces, a co-working lounge, public amenities, a landscaped courtyard and three communal rooftop gardens.
The project was designed by Reddy Architecture + Urbanism and constructed by Walls Construction, with financing provided by Fairfield Real Estate Finance, backed by funds managed by Oaktree Capital.
Sami Hakim, partner at Valpre Capital, said: “We are proud to complete the sale of Newmarket Square alongside our partners. This development delivers high quality new rental homes in Dublin 8 and reflects the depth of demand for well designed, sustainable housing in the capital. Our experience in Dublin continues to reinforce our long-term commitment to investing in the city’s living and mixed use sectors.”
Mark O’Brien, founder & CEO of Revelate Capital, added: “This is our second development in the Newmarket district following the Eight Building and we are extremely proud to see Newmarket Square completed to such a high standard. The project reflects our commitment to thoughtful urban regeneration and to delivering homes that respond to Dublin’s evolving housing needs.”
