Avestus Capital Partners has launched a new fund that is dedicated to investment in residential property in the Irish private rented sector (PRS).
The fund has achieved a first close with equity commitments of €160 million ($188 million), resulting in total capital for investment of up to €290 million ($340 million). The new fund is backed by a consortium of Nordic and German institutional investors, as well as a sovereign wealth management institution based in Ireland.
Equity raised came from international long-term investors who were attracted by the positive fundamentals of the Irish economy and the opportunities for stable, sustainable growth in the rental sector, which by international standards is underdeveloped in Ireland.
Demand for rented accommodation in Ireland has doubled over the past five years, driven by demographic growth and increasing urbanization, trends that are set to continue. The Irish rental market is very fragmented and under-investe
