Tristan Fund Enters Forward Purchase Agreement to acquire 372 Rental Units in Dublin
Source: Tristan Capital Partners Press Release
A fund advised by pan-European real estate investment manager Tristan Capital Partners has entered into a forward purchase agreement to acquire 372 private rental sector (PRS) apartments to be developed in the Clongriffin area of North Dublin from Twinlite, one of Ireland’s most established residential developers. The units are spread over three blocks, which also benefit from 408 parking spaces and modern tenant facilities including a gym, exercise studio, cinema and concierge.
Kristian Smyth, Director, at Tristan Capital Partners, said: “Dublin PRS is still experiencing significant undersupply at a time when demand is growing. Local population growth coupled with restrictive Central bank mortgage rules have resulted in the number of PRS households increasing by over 60% in the last decade. As demand intensifies, tenants are looking for more affordable locations like Clongriffin; one of the key urban districts in North Dublin. With excellent transport links into the City Centre, we believe its prominence will continue to grow in the coming years.”
Local development and operating partner Twinlite will take a minority equity stake in the Clongriffin investment alongside the EPISO 4 Fund.
Rick Larkin, Executive Director at Twinlite, said: “We’re delighted to work with a world class investment manager like Tristan Capital Partners. We greatly appreciate their confidence in our team, who are working hard to deliver what will be a best-in-class PRS product and we are excited to continue working with Tristan in the future to further increase housing supply.”
EPISO 4 was advised by Maples Calder, PWC, Hooke & MacDonald and Malcom Hollis. Twinlite was advised by Byrne Wallace and Matheson. Activate Capital are financing the development phase and were advised by McCann Fitzgerald.