Nuveen JV acquires BTR development in Ireland

Nuveen Real Estate has acquired a residential site at Castleforbes Business Park (Castleforbes) in a joint venture with Eagle Street Partners, a pan-European real estate investment and asset manager, and HESTA, the Health Employees Superannuation Trust Australia. The site comes with planning permission for a build-to-rent (BTR) development of up to 702 homes.

The development, which benefits from full planning permission, is expected to complete in 2024, and on completion will have a gross development value (GDV) in excess of $500 million. The asset was acquired from Glenveagh Properties PLC, one of Ireland’s leading homebuilders.

Located in Dublin’s central business district, in the city’s North Docklands, the site is situated at the economic heart of the capital and close to the headquarters of a wide range of local and multinational firms. The comprehensive development will include new homes for rent, a new community space, social and affordable housing, best-i