A Tristan Capital and SW3 Capital joint venture has agreed to buy a prime residential block in south Dublin for €72.5m (£62.5m).
The European Property Investors Special Opportunities IV fund will buy the 181,000 sq ft Neptune Building when it is finished in the second quarter of 2017.
Cosgrave Property Group is developing the 197-unit building on the former Dún Laoghaire golf course with the backing of Ireland’s National Asset Management Agency.
It is the first acquisition for the newly-established joint venture between Tristan and SW3, which expects to target further build-to-rent assets in Dublin.
Dillon Eustace advised the jv.
Last July, Tristan closed the EPISO IV fund after raising €1.5bn. Its other assets include two shopping parks in Northern Ireland and 15 shopping centres in the Netherlands.
Peter Mather, managing director of investments at Tristan Capital, said: “Residential development shut down during the financial crisis, which has left Dublin with an acute shortage of housing as the Irish economy recovers and its population grows.
“Dún Laoghaire is a highly desirable place in which to live, with excellent local public amenities and transport links to Dublin’s city centre.”
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