Pan-European real estate investment and asset management firm Eagle Street Partners Group has acquired a land plot in Dublin from Glenveagh Properties, an Irish homebuilder listed on the London Stock Exchange and Euronext Dublin, for €78.5 mln.
The 4.6 acre (1.86 ha) residential and hotel site, located at Castleforbes Business Park in Dublin’s Central Business District, has already secured full planning permission.
The site is capable of hosting 702 residential apartments and a 219 keys hotel, with a gross development value (GDV) in excess of €500 mln.
The Castleforbes site is well known to Eagle Street’s founders, Justin Bickle and Shane Scully, who acquired the plot in an off-market transaction while at Glenveagh in 2018.
Glenveagh has since obtained full planning permissions for the sites and completed significant value engineering and detailed design works, bringing the sites closer to delivery.
Eagle Street CEO Scully said: 'This significant deal represents the rollout of our PRS business strategy in Ireland. In recent months we have had a number of approaches concerning similar opportunities, and we are eager to explore avenues, alongside our cornerstone investors, that will allow us to transform sites like Castleforbes into vibrant, high-quality residential and commercial spaces of the kind needed in Ireland at present.'
Eagle Street is in the process of rolling out its vertically integrated Irish private rented sector (PRS) platform, Resident Space, which will be launched this year in conjunction with major international real estate investors.
Resident Space will target the delivery of at least 5,000 purpose-built residential units in Dublin over the coming years. The team is actively exploring further potential pipeline sites for the residential platform.
Over the course of the past eight months Eagle Street has, including the Castleforbes transaction, committed over €150 mln in invested capital towards offices, hospitality and residential development real estate projects in Ireland and the UK, including the acquisition of four yielding office buildings in the UK and Ireland and a further one in the UK to exchange shortly.
These office acquisitions combined total over 300,000 ft2 (27,870 m2) and include tenants such as GlaxoSmithKline PLC, and Accenture. Eagle Street’s investments have to date been principally sourced off-market.