Developer Pat Crean's Marlet Property Group has closed the sale of its residential scheme, Ropemaker Place in Dublin 2, to German fund Real I.S. AG for around €46 million.
Located at the corner of Cardiff Lane and immediately adjacent to the Sorting Office, the 19,510sq m (210,000sq ft) office scheme which Marlet is also developing, the Ropemaker Place portfolio comprises 56 private rented sector (PRS) units designed to cater for the upper end of the city’s residential rental market. The portfolio consists of 10 one-bed apartments, 29 two-bed apartments, six two-bed duplexes and 11 three-bed apartments.
Upon completion, the seven-storey over-basement development will also include 181sq m (1,947sq ft) of retail accommodation as well as a concierge service and on-site amenities for residents.
Commenting on the completion of the deal, Marlet chief executive Pat Crean said: "We are happy to have finalised this transaction with Real I.S. AG, which has been on the cards since last autumn.
“We take it as a vote of confidence – not just in our product and approach to development – but also in Ireland’s economy and the Dublin residential market in particular. This city is still catching up in certain respects with its European counterparts and we are delighted to be at the centre of things, making sure Dublin reaches its full potential in terms of development standards and attracting investment.”
Speaking on behalf of Real I.S. AG, Dr Pamela Hoerr, a member of the company’s board of management, added: “With Ropemaker Place, we are continuing our growth trajectory in Ireland. Dublin stands out in particular, with high excess demand in the residential sector and dynamic growth.”