Abrdn’s Pan European Residential Property Fund has completed a deal to buy its first build-to-rent development in Dublin, Ireland, for €70m (£62m).
The fund bought the 142-home scheme, known as Roselawn, from Richmond Homes in a forward-funding deal. Works on the site have recently completed.
The scheme, located in the South Dublin suburb of Blackrock, provides a mix of one-, two- and three-bedroom flats. Amenities include a residents’ lounge, a gym and co-working facilities as well as landscaped gardens, courtyard gardens and recreation areas.
ESG credentials include PV solar panels, green roofs, electric car charging and 284 bicycle spaces.
Abrdn said Roselawn will provide much-needed rental accommodation to a market that is “significantly undersupplied”.
Robert McDonnell, residential fund manager at abrdn, said the development is “an excellent fit for the sustainability requirements of the fund”.
Knight Frank advised abrdn on the deal. Hooke & MacDonald acted for Richmond Homes.
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