Aberdeen Standard Investments has made its first acquisition in the Irish residential sector with the purchase of 19-20 Blackhall Street in Dublin 7 for €20 mln.
This residential development was completed by Red Rock Developments in December 2020 and consists of 39 apartments. The property is leased to Dublin City Council on a 25 year inflation-linked lease and was bought by ASI on behalf of its (ASI) European Long Income Real Estate Fund.
Launched in October 2019, the Fund will appeal to institutional investors looking for alternative sources of income that tap into the so-called ‘illiquidity premium’. The Fund aims to provide long-term, reliable, inflation-protected income streams with reduced volatility in capital values compared with a more conventional real estate fund.
‘The Blackhall Street development is well located and we are delighted that this acquisition will help Dublin City Council meet a portion of their social housing needs, whilst also providing investors in the Fund with a sustainable income stream over the long term,’ said Robert McDonnell, residential fund manager at Aberdeen Standard Investments.
Keith Craddock, managing director and founder of Red Rock Developments added: ‘We are very pleased to have partnered with Aberdeen Standard Investments‘ European Long Income Real Estate Fund on their first Irish real estate transaction to deliver this high quality development, providing much needed social housing for Dublin City.’
Davy Real Estate acted on behalf of Aberdeen Standard Investments and Owen Reilly advised Red Rock Developments on the transaction.