Patrizia pays €93m for new Dublin residential property

European investor Patrizia has purchased an under-construction residential property in Dublin, Ireland, for €93 mln.

Located in Harold’s Cross, in the south of the capital city, the building comprises 166 units across 14,500 m2, featuring a mix of one, two and three-bedroom apartments, as well as a gym, lounge, cinema, games area and concierge service.

Patrizia purchased the asset on behalf of Germany’s largest public pension fund group, Bayerische Versorgungskammer, from vendor Marlet Property Group.

Completion is expected at the end of this year. The transaction brings Patrizia’s assets under management in Ireland to €650 mln.

Antonio Marin-Bataller, director of transactions for UK and Ireland at Patrizia, said: ‘This acquisition aligns perfectly with our strategy to grow our build-to-rent investments in Dublin. We have a long track record in Ireland, as well as in the residential sector across Europe, and remain committed to this fast-growing market.

‘We expect this development’s high-quality design and attractive location to meet with positive reception, addressing a shortage of new accommodation for the Dublin community.’

In the transaction Patrizia was advised by CBRE, acting as agent, and by A&L Goodbody on legal matters. Maples Group acted for Marlet.

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