M&G Real Estate has acquired 67 social housing apartments at The Butter Yard in Blackrock, Dublin, for €31.3m.
The 42,068 sq ft scheme was designed and built by Dublin-based developer Barina Property Group and M&G completed the deal on behalf of its European Secured Property Income Fund. The Butter Yard is let to Dun Laoghaire Rathdown County Council for social housing use on a 25-year term.
Lee McDowell, manager of the M&G European Secured Property Income Fund, said: “This acquisition adds exposure to a well-performing sector in a growing European city, while increasing portfolio diversification. The European residential sector has good fundamentals, and Dublin in particular has a strong demand for high-quality, sustainable housing alongside limited supply.
“The long-term lease agreement with Dun Laoghaire Rathdown County Council follows our strategy of securing reliable, long-term cash flows, which grow in line with inflation. We will continue to target similar opportunities as we grow the fund.”
Adrian Langan, CEO of Barina, added: “The Butter Yard is the culmination of a number of years of hard work behind the scenes in planning, design and securing DLR as a long term occupier. We would like to take this opportunity to thank all of our professional team, consultants and sub-contractors who worked on the project, and we wish all its occupiers, Dun Laoghaire Rathdown County Council & M&G Investments the very best with the development in the future.”
