The German investor Union Investment has paid about €75 million for a portfolio of 140 apartments built by developer Michael Cotter’s Park Developments in the north Dublin suburb of Sutton.
The price paid for the Seafield Strand scheme equates to an average of €535,714 per unit, and the transaction is Union’s third investment to date in Ireland’s private rented sector market. Located just off the Carrickbrack Road and in between Church Road and Offington Park, the Seafield Strand development comprises six residential blocks with a total of 140 apartments and a pre-school. The apartments consist of 108 two-bedroom units with the remaining properties made up one and three-bedroom apartments. Union Investment has acquired the Seafield Strand portfolio for its open-ended real estate fund, UniImmo: Europa.
Commenting on the completion of the deal, Union Investment’s head of asset management for Europe, Christiane Bührsch, said: “Seafield Strand was built to high quality and sustainability standards. Given the good quality of the property and its location in addition to Ireland’s growing population overall, we expect demand for the apartments to be high in the future.”
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