Irish-based real estate investor, developer and asset manager Avestus Capital Partners said on Monday that it has raised €160 mln of equity commitments at the first close of a new fund dedicated to investment in residential property in the Irish private rented sector (PRS).
The new fund, which is backed by a consortium of Nordic and German institutional investors, as well as a sovereign wealth management institution based in Ireland, will have a total spending power with leverage of up to €290 mln.
The vehicle will look to make long-term investments in high-quality, income-producing assets in attractive locations, close to major employment hubs and key transport links. It will also identify and commit to forward purchase newly developed rental properties, supporting the construction of new homes in Ireland.
Commenting on behalf of Avestus, Thomas Dowd, Principal, said: 'We believe that the private rented sector in Ireland will become more significant in the future as the market evolves and institutional investors increase their ownership. We are confident that our experience, expertise and professional approach will deliver attractive returns for our investors, significantly enhance services and standards for tenants and contribute to the government’s efforts to create new and improved accommodation for those that choose to rent.'
CBRE Capital Advisors advised Avestus.
Avestus, with over €1 bn in assets under management, currently manages a portfolio of over 800 privately rented properties in Ireland, making it one of the largest participants in this sector in the country.