Irish housebuilder Genesis Homes is to enter Ireland’s build-to-rent market for the first time, having secured funding from ESO Real Estate.
The investment consists of development funding and an equity investment to support Genesis’ plans to deliver in excess of 1,300 homes over the next five years, with a gross development value of more than €340m (£298m).
With ESO Real Estate’s support, Genesis will develop a mixed-tenure business model that combines build-to-rent, build-to-sell and social elements.
Developments are located in the major regional cities of Cork, Limerick and Galway, and in the M50 corridor, where there is strong demand for family homes and good links to the local economy, employment bases and key amenities such as airports.
Genesis has identified two new projects that will deliver almost 400 homes, with the first completions due in early 2020.
These projects will include the first institutionally developed build-to-rent communities of scale in their regions.
David Christie, head of ESO Real Estate, commented: “With ESO’s backing, the team will become a major player in the Irish build-to-rent and build-to-sell sectors. This partnership will deliver a portfolio that is in high demand among institutional investors and will play its part in solving Ireland’s housing crisis, an important social objective for ESO as a firm.”
Barry O’Connor, managing director of Genesis Homes, said: “The shortages in the Irish housing market have been well documented, so there is a clear need for the strong pipeline of developments that we have already identified.”
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