Tristan Fund Increases Build-To-Rent Apartments Platform In Dublin With New Acquisition
Source: Tristan Capital Partners
London: An opportunity fund advised by pan-European real estate investment manager Tristan Capital Partners is adding another 138 multifamily for-rent apartments to its existing VERT platform following the off-market acquisition of three high quality, stand-alone residential buildings in Leopardstown, South Dublin.
The European Property Investors Special Opportunities IV (EPISO 4) Fund completed the acquisition of the buildings for €51 million. SW3 Capital, the Fund’s operating partner and investment advisor on the joint venture, will take a minority interest in the completed property. It is the second investment made by the Fund and SW3. The Fund completed the acquisition of the Neptune Building in August 2016. All assets are part of the VERT platform.
Two of the three buildings are 100% leased. The third building – providing 54 new multifamily for-rent apartments – will be available for occupancy from today. The scheme is directly opposite LUAS-Line station “The Gallops”, which provides great accessibility to Sandyford (<5 minutes) and directly into the heart of Dublin City Centre, which takes approximately 25 minutes. Sandyford is home to circa 25,000 employees, 600 national and multi-national companies such as AIB, Microsoft, Merrill Lynch, First Active, and Vodafone. The scheme is also conveniently located to Dundrum Town Centre, Ireland’s largest shopping destination.
VERT offers a lifestyle solution within the continually evolving rental sector, and its high quality, signature buildings are becoming a destination of choice for the increasingly discerning renter. The Fund will acquire the two remaining buildings on the estate before year end, and will seek to acquire further assets in the growing “build-to-rent” sector as it continues to mature.
Peter Mather, Managing Director of Investments at Tristan Capital, said: “We are delighted to have added a further 138 high-quality, build-to-rent apartments to the VERT platform. Our strategy continues to deliver for-rent apartments with great transport links to the city centre, key employment hubs in Dublin, as well as local retail, leisure and community services. The three buildings will be part of the VERT platform, signifying a high standard of specially designed build-to-rent living space.”
Please click here to visit the VERT website.