Union Investment acquires third residential development in Ireland
Union Investment is further expanding its position in the Irish residential property market with the acquisition of the planned Seafield Strand residential quarter in Sutton, a suburb in the north of Dublin.
The seller and the financial terms were not disclosed.Seafield Strand was acquired as part of a forward purchase for open-ended real estate fund UniImmo: Europa. This is the fourth major residential investment for the fund. The seller is Irish developer Park Developments, which has now handed over the turnkey residential quarter to Union Investment.
Sutton is located on the north coast of Dublin Bay and is a highly sought-after residential address.
“Seafield Strand enjoys an excellent location on the Howth Head peninsula and has good access to Dublin city center, which can be reached easily and quickly by commuter rail. This complementary location to our other Irish residential investments allows us to further diversify our portfolio,” said Friedrich Georg Warmbold, head of investment management residential at Union Investment Real Estate GmbH.
Seafield Strand consists of six residential blocks with a total of 140 flats and a preschool. The focus is on two-bedroom apartments (108 units), with one- and three-bedroom apartments also present.
The Hamburg-based real estate investment manager entered the Irish residential market in 2021 with the purchase of the 8th Lock residential quarter, which is already largely completed and located in the northwest of Dublin.