M&G Real Estate and Marlet Property Group have secured a €732m finance package to support a build-to-rent (BTR) portfolio in Dublin.
Affinius Capital and Macquarie Capital Principal Finance have jointly provided a €182m preferred equity commitment and Standard Chartered has provided a €550m senior mortgage facility.
The portfolio comprises six recently completed residential communities across Dublin, providing 1,812 apartments and 12 commercial units.
Pat Crean, CEO of Marlet said: “This transaction marks another significant step in our long-term commitment to delivering high quality, sustainable rental accommodation for Dublin. We’re proud of what this portfolio represents today and we’re excited about the pipeline of opportunities ahead as we continue to grow and sustain our build-to-rent platform in partnership with M&G. We are delighted to complete another transaction supported by Standard Chartered alongside M&G.”
Shaun Connery, managing director and head of European lending at Affinius Capital, added: “We are pleased to have worked together to support M&G and Marlet Property Group on a financing of this scale and quality. The portfolio represents a rare opportunity to provide capital against a newly delivered, institutional residential platform in Dublin that we believe is exceptionally well positioned to benefit from Dublin’s strong long-term housing fundamentals. The financing aligns closely with our strategies of providing flexible capital solutions across Europe.”
Alexi Antolovich, global co-head of real estate at Macquarie Capital Principal Finance, said: “We are delighted to partner with M&G and Marlet on this transaction investing alongside experienced partners in a portfolio with strong occupancy across its stabilised assets. The investment reflects our continued focus on providing flexible capital solutions to high quality real estate businesses.”
Alex Greaves, global head of living at M&G, added: “Having created a best-in-class portfolio which is stable, income producing and comprises some of the highest quality multi-family assets in Ireland, this transaction positions the portfolio for its next phase through the creation of a new long-term capital structure. The calibre of partners secured reflect sustained institutional confidence in both the quality of the portfolio and the strength of the Irish multi-family sector, of which it represents a significant proportion.”
Shane Moore, head of commercial real estate, EMEA, at Standard Chartered, said: “We are delighted to have supported M&G Real Estate and Marlet Property Group on this landmark transaction. The financing demonstrates our ability to originate, underwrite and distribute large-scale financing solutions for clients, drawing on our structuring expertise, balance sheet strength and syndication capabilities. It also reflects the strength of our longstanding relationship with M&G and our continued commitment to supporting high quality real estate assets across Europe.”
