Union Investment acquires Dublin residential development
Union Investment has acquired Newtown Gardens, a development in Blackrock, in Dublin’s south suburbs.
The financial terms were not disclosed. The seller and contractor is the Irish-listed housebuilder Glenveagh Homes. The transaction has been structured by way of forward purchase and project completion is expected in third quarter 2024.
“Blackrock is considered as one of the most desirable and sought-after residential addresses and benefits from nearby public transport, close proximity to Dublin City Centre, the amenity-rich Blackrock Village and Seapoint Beach. The development will be delivered to very high quality and sustainability standards. Due to the structural shortage of high-quality rental accommodation in affluent areas, we expect demand to remain strong in future,” said Friedrich Georg Warmbold, head of investment management residential at Union Investment.
The scheme consists of five detached apartment blocks with a total of 140 apartments, a