Nuveen JV buys site for 700-home Dublin BTR project
Nuveen Real Estate has acquired a residential site at Castleforbes Business Park in central Dublin and is planning to develop up to 702 build-to-rent homes.
The project is a joint venture with property investment and asset manager Eagle Street Partners and the Health Employees Superannuation Trust Australia (HESTA).
The site is located in in the city’s North Docklands and has full planning permission. The project is expected to be complete in 2024 when it will have a gross development value of more than $500m.
Nuveen has acquired the site from Irish housebuilder Glenveagh Properties and the project will be its first build-to-rent investment in Dublin.
The acquisition is also HESTA’s first investment in Europe’s living sector. HESTA is one of Australia’s largest superannuation funds for health and community services workers.
Eagle Street will manage the asset as part of its Resident Space operating platform.
Austin Mitchell, Head of International Housing at Nuveen, said the project is, “an important milestone for Nuveen as we increase our portfolio of living assets globally.
“We are assembling a unique pipeline of strategic partnerships within Europe and Asia Pacific across the life stages of housing and in locations that offer both best relative value and best in class execution. After Spain and Japan, Greater Dublin is our third purpose built for rent multifamily market outside the US.”