Global real estate investment firm Kennedy Wilson and AXA Investment Managers - Real Assets (AXA IMRA) have made a €161 mln investment in the South Dublin private rental sector (PRS) through their recently formed Irish PRS joint venture.
The deal includes 274 units at the Grange, in South Dublin, as well as an adjacent four-acre PRS development site from Grant Thornton Receiver, on behalf of the National Asset Management Agency (NAMA).
'The Grange is a market leading high-quality residential community in the rapidly expanding Sandyford area that fits very well into our new joint venture portfolio. We anticipate strong NOI growth as we have ambitious plans to add further units to the development over the next three years,' said Mary Ricks, president and CEO of Kennedy Wilson Europe.
Over 60% of the units under contract were completed in the last five years, while the remainder were built in 2007. They have a current occupancy of 95% and all form part of the larger 506-unit Grange scheme in Sandyford.
The joint venture intends to apply for planning permission to increase its holdings at the Grange through development of additional units on the adjacent development site. It is anticipated that construction will begin next year with new units and the resident amenities delivered during 2021.
'We are big believers in the Sandyford market, where robust market dynamics prevail, with new office developments, continued employment growth, excellent public transport and great local amenities make this the top PRS location in south Dublin. We look forward to bringing our best-in-class approach to managing the units and delivering great homes for residents,' Ricks concluded.