London-based Valpre Capital has teamed up with Ireland’s Revelate Capital and UBS-owned Aventicum Real Estate for a build-to-rent scheme in central Dublin.
The strategic partnership will turn 10 Newmarket Square, in the Liberties area of Dublin 8, into a 132-flat block.
The development will also include a ground-floor shop, 301 bicycle spaces and a co-working lounge, as well as three communal rooftop gardens and a landscaped courtyard.
The project, designed by Reddy Architecture + Urbanism, will be built with a “passive-first” philosophy and will target the latest Nearly Zero Energy Building standards.
Fairfield Real Estate Finance, backed by funds managed by Oaktree Capital, is providing construction financing.
The project is expected to complete by Q3 2025.
The project will be Aventicum’s first investment in the Irish market. Aventicum’s senior director, Jan Dijkstra, said: “We believe Dublin and other larger cities in Ireland will continue to offer attractive investment opportunities in the living sector in the coming years as demand fundamentals are sound and construction activity is suppressed.”
It will be Revelate’s second project in the Newmarket area of Dublin 8.
Valpre founder Ahmad Hariri, added: “Our experience in the residential sector in Ireland over the past five years reinforces our belief in the urgency of regulatory changes to the current format of rental caps to enable the delivery of additional housing units.”
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