Frankfurt-headquartered DWS has spent €350 million on two residential property portfolios in Ireland on behalf of its German retail real estate funds.
The volume is highly significant for the Irish market and is equivalent to more than half of the total Q3 investment volume registered in the country. The first three quarters saw a total investment volume of €2.4 billion invested in Ireland of which €680 million was chalked up in the third quarter according to a recent report from CBRE.
The assets DWS has acquired are a mix of existing assets and forward purchase developments. The firm said in a statement that the acquisitions will add more than 663 units to its Irish residential portfolio which will have a combined worth of about €560 million once the development projects complete in 2021 and 2022.
DWS entered the Irish market about two years ago and has since done deals worth €1 billion across different property sectors.
“This continues our strategic push and commitment to Irish real estate, with particular focus on Dublin. With strong market fundamentals driving demand for rental accommodation across Ireland and Europe, residential will remain a key strategy for DWS,” said Ronen Ribak, head of real estate transactions, Europe at DWS.
Assets acquired in ULI-award winning Cualanor
The acquisitions include an existing residential asset and the forward purchase of three new developments with a total of 295 units in northern Dublin locations acwquired from developer MKN Property Group.
DWS, which also recently announced residential acquisitions in Spain, has also acquired two assets with a total of 368 units in multifamily buildings in Dun Laoghaire, southern Dublin from developer Cosgrave. These are part of the Cualanor estate which triumphed in The Urban Land Institute’s Irish Placemaking Awards, which were announced virtually this week in conjunction with CBRE Ireland.
In addition to winning the Dublin category, Cualanor (pictured) was selected as the overall national winner of the 2020 competition.