Aberdeen Standard Investments has acquired its first build-to-rent scheme in Ireland with a €20m (£17.3m) deal in Dublin’s Smithfield district.
ASI’s European Long Income Real Estate Fund has acquired a completed 39-flat affordable scheme at 19-20 Blackhall Street from Red Rock Developments. The property is let to Dublin City Council on a 25-year inflation-linked lease.
The fund was launched in October 2019, targeting assets providing alternative sources of income with stable capital values.
Robert McDonnell, residential fund manager at ASI, said:“This acquisition will help Dublin City Council meet a portion of its social housing needs, whilst also providing investors in the fund with a sustainable income stream over the long term.”
Davy Real Estate acted on behalf of Aberdeen Standard Investments; Owen Reilly advised Red Rock Developments.
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