Tristan Capital Partners has acquired two residential development sites in the Cabra and Sandyford suburbs of Dublin for a total of €54.5 mln.
The sites were acquired by Episo 5, an opportunistic real estate fund advised by Tristan.
The project in the suburb of Sandyford comprises a 7.2-acre site which has planning consent for 243 residential units and a community centre with a crèche and residents’ sports hall.
Episo 5 has entered into a joint venture with Twinlite Developments which will act as development manager, contractor and operating partner for the project. It is the second time the fund is partnering with Twinlite on a project.
The second site, purchased in April, is a 9.6-acre scheme located in the suburb of Cabra northwest of central Dublin, with planning consent for 420 homes together with commercial and amenity space.
Episo 5 has appointed Royalton as development manager and operating partner for the project, with Walls Construction acting as contractor.
Kristian Smyth, director at Tristan Capital Partners, said: ‘We believe that institutional investors can play an important role in the local market, helping boost supply in a short timeframe in response to the urgent demand for housing in Dublin.
‘At Cabra, our contractors are already on site and at the Sandyford site our objective is to realise the final phase to this longstanding development, delivering a scheme that will be complementary to the local residential area.’