Starwood Capital creates €1b Irish build-to-rent platform

Global private investment firm Starwood Capital Group has formed a new build-to-rent (BTR) residential platform in Ireland with Urbeo Residential and the Ireland Strategic Investment Fund via a controlled affiliate.

The platform – which will be known as Urbeo - will acquire, predominantly via forward purchase and forward funding arrangements, rental accommodation with an element of social and supported tenancies in Dublin and other major Irish cities. It will be seeded with a portfolio of 3 assets totalling 334 private and social units in Dublin, with a pipeline of over 2,500 units in negotiation or exclusivity.

Urbeo was founded by Frank Kenny (pictured) and Bill Nowlan to invest in rental housing in Ireland, partnering with builders, developers and housing associations. Kenny said: 'We are delighted to have partnered with Starwood Capital who bring their considerable financial resources and global expertise in the sector. We have identified a rich pipeline of assets to acquire, and expect to be busy in the coming months.'

'We are excited to be partnering with Urbeo and ISIF to address the need for high quality and professionally managed rental accommodation in Dublin,' said Matthew Parrott, vice president, Starwood Capital.

'The Irish multifamily sector, particularly in Dublin, provides our investors exposure to a market exhibiting a structural supply shortage and compelling growth prospects,' Parrott added.

'ISIF’s total investment of up to €60 mln, which includes its share of the Bancroft Tallaght property (one of the seed assets), has been central to the establishment of this new platform,' added Kieran Bristow, head of investment strategy at ISIF.

Goodbody Stockbrokers, A&L Goodbody, McCann Fitzgerald, William Fry and Sherry Fitzgerald advised on the transaction.


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