Real IS, BayernLB's property fund provider, has acquired an apartment complex in Oatlands Manor, a south Dublin residential development, from the Marlet Propety Group.
Financial details were not disclosed.
The German investor has acquired the development for the open-ended retail real estate fund RealISinvest Europa.
The complex is located at 1 Cherrygarth in Mount Merrion. It offers a rental area of around 4,676 m2, divided into 30 apartments and 18 duplex apartments. There are also 82 car parking spaces, 47 in the basement and 35 outside the property.
The development is situated in a residential area approximately 8 km south of Dublin City Centre along the Stillorgan Road N11 and 2km from the Dublin coastline.
Future tenants will benefit from good public and private transport links. The development is linked to the N11 via Trees Road and the M50 via Kilmacud Road and the Drummartin Link Road.
The N11 Quality Bus Corridor is 300 metres away and Blackrock Dart Station is 2 km away. The nearest Luas stop is 1.5 km away in Kilmacud. There are several green spaces and recreation areas nearby, in addition to local shopping centres and other amenities.
‘In the last two years, residential real estate has proven to be particularly resilient to economic downturns. Taking also into account Dublin’s population growth rate and solid economic situation, the acquisition of the Oatlands complex is a perfect addition to the RealISinvest Europa portfolio of fund assets,’ said the firm's global head of investment management, Axel Schulz.
William Fry and KPMG advised Real IS on tax and legal matters. Watts provided technical consulting. Savills and Cortland Consult acted as the company’s commercial consultants on the transaction.
The seller was assisted by Ronan Daly Jermyn as legal consultant and Cushman & Wakefield as broker.