Carysfort buys Dublin residential scheme for €101m

Irish real estate investment manager Carysfort Capital has completed the purchase of the 120-unit Six Hanover Quay in Dublin from Irish builder Cairn Homes for €101 mln. 

According to Irish brokerage firm Goodbody, the deal represents an average gross sales price of €800,000, as €96 mln of the sale relates to residential and €5 mln relates to the commercial element.

This would imply a gross yield of around 4.5%, assuming an average rent of €3,000 per month, Goodbody said, 'thereby highlighting the interest that the Irish multi-family investment market continues to attract from professional and institutional investors'.

The deal follows strong interest in the sector from firms including Ires Reit, German investor Patrizia Immobilien, developer Hines and Kennedy Wilson.

Goodbody estimates Cairn spent €65 mln in total to complete the development, including acquisition costs from Oaktree’s TIO fund in early 2016 for around €23 mln, and construction costs of around €42 mln. That would result in profits of €24 mln before transaction and other costs.

The deal is expected to complete in Q1 2019.


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