TPG Real Estate has bought Lone Star out of Quintain Developments Ireland.
Lone Star put the firm up for sale in March and was seeking in excess of €200m (£171m).
Quintain Developments Ireland is one of the country’s largest privately owned residential developers with projects in and around Dublin.
TPG said its investment in the business would provide additional capital and resources to support the next stage of the company’s growth and evolution as it seeks to accelerate and expand its housing delivery.
QDI chief executive Michael Hynes said TPG recognised the quality of the developer’s platform and the “value of working closely together as we continue to deliver on our ambition to create exceptional and affordable places to live”.
“TPG shares our conviction in Ireland’s residential market, and we believe their experience will be critical as we work to support and facilitate a high-quality standard of living for homeowners in Ireland,” he said.
James Piper, business unit partner with TPG Real Estate, added: “Ireland continues to benefit from strong fundamentals, driven by a diverse economy and young, growing population, which has created continued demand for quality new homes. QDI is an experienced, fully integrated homebuilder that is uniquely positioned to address this dynamic across the country.”
QDI’s total land bank has potential for more than 7,700 homes across prime locations in the greater Dublin area. The team operates across all stages of housing delivery, including master planning, design, construction, and sales and marketing.
Since 2015, the QDI management team has delivered more than 2,300 homes, significantly contributing to the development of neighbourhoods across Dublin.
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