Nuveen, HESTA and Eagle Street form JV for BTR project in Ireland
Nuveen Real Estate has acquired a residential site at Castleforbes Business Park in Dublin in a joint venture with Eagle Street Partners and HESTA, the Health Employees Superannuation Trust Australia. The site comes with planning permission for a build-to-rent development of up to 702 homes (see rendering).
Completion of the development, which has full planning permission, is expected in 2024, at which time it will have a gross development value in excess of US$500m. The asset was acquired from Glenveagh Properties, 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-in-class public amenity space, and an adjacent hospitality offering.