Urbeo pays €73m for 211 Dublin rental apartments

Investment group in forward purchase deal for units at Windmill scheme in Clonsilla

Urbeo, the Irish residential investment platform backed by Starwood Capital Group and the Ireland Strategic Investment Fund, continues to move closer to its goal of assembling a €1 billion portfolio of build-to-rent assets.

Having spent more than €500 million on 1,500 rental apartments in the 12 months following its establishment in December 2018, the company has returned to the acquisitions trail with the €73 million forward purchase of 211 new homes from Irish developer Kimpton Vale.

Located at the Windmill scheme in Clonsilla, Dublin 15, the units acquired by Urbeo are under construction currently and due for completion at the end of 2022. The portfolio comprises a mix of studio, one, two and three-bedroom apartments incorporating the latest technological features and nZEB (nearly zero energy buildings) ratings. The sale of the portfolio was brokered by agent Hooke & MacDonald.

The Windmill scheme is well-located within close proximity to a number of public transport routes. Coolmine railway station is around 550 metres from the property offering future occupiers regular and rapid access to Dublin city centre. The scheme is also immediately accessible to the N3 and the M50 and the wider national road and motorway networks.

Clonsilla itself is an established residential location with a wide range of leisure, education, employment and social amenities in the surrounding areas. The property is within minutes from one of Ireland’s largest shopping centres, Blanchardstown Centre which includes over 180 stores and is easily accessible to a number of large business parks with numerous multi-national employers.

Established in December 2018, the Windmill portfolio’s purchaser, Urbeo, differs from its competitors in the private rented sector in that it specifically states its intention is to deliver “an element of social and supported tenancies” both in Dublin and in other major Irish cities as part of its wider offering.

Seeded initially with a portfolio of three assets comprising 334 private and social residential units in Dublin, Urbeo is in the process of building a €1 billion platform of build-to-rent accommodation in the capital and in other major Irish cities.

Urbeo’s business model sees it partnering with builders, developers, and housing associations to deliver new rental housing projects in well-serviced locations, with good connectivity to employment centres.

Ronald Quinlan

Ronald Quinlan

Ronald Quinlan is Acting Property Editor of The Irish Times

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