Ardstone holds €185m first close for Irish fund

Pan-European real estate manager Ardstone Capital has held a first close for its Ardstone Residential Partners, a fund targeting residential development in Ireland. The fund has raised €185 million ($193 million), nearing its €200 million ($209 million) equity fundraising target by first quarter 2017.

Ardstone Residential Partners is the firm’s third fund since 2013. The fund’s mandate is to generate a 15 percent triple-net annual return to investors. It is targeting zoned and planned residential land, with the Ardstone platform overseeing the house building and sales process.