Irish property developer Twinlite and its joint venture partner Tristan Capital Partners have hired real estate agent CBRE to sell two build-to-rent apartment schemes in Clongriffin, north Dublin, which have more than 650 units either built and occupied, or under construction.
The price tag is expected to be €300 million plus, with strong interest from pension funds and other property investors expected given the strength of the Irish rental market.
The sale will also include Twinlite’s digital rental platform Vesta, which manages the properties and allows tenants to view and lease apartments online. It was the first company to offer this fully digital service to tenants.
Twinlite is a family affair, founded by chairman Eugene Larkin about 35 years ago. His sons Rick and Michael are both directors of the company. Rick is the group’s executive director.
The two high-end rental schemes comprise One Three North, which has 376 apartments that were delivered in 2020 in three blocks and which were all leased digitally on Twinlite’s Vesta platform.
Two Three North is due for completion in November, according to Twinlite’s website, although Covid-related delays this year could push this deadline back. It will have 282 apartments when finished.
Tristan Capital Partners last year acquired a major interest in the One Three North development, with reports suggesting it provided funding of €130 million for the scheme, and also provided €90 million in funding for the Two Three North development. It has invested about €500 million in the private rental sector in Dublin in recent years.
When questioned about the sale process, a spokeswoman for Twinlite said: “Since launching Ireland’s first digital real estate platform, we have received numerous approaches from potential purchasers. We are continually evaluating our options for the future of the platform.”
Vesta is currently advertising one-bedroom apartments in One Three North for €1,750, two-bedroom units from €2,100 and three-bedroom apartments from €2,499. It is understood that about one-third of the scheme is let to workers in the technology sector, with the scheme having an occupancy rate of about 95 per cent.
Both of the Clongriffin schemes comprise nZEB (nearly zero energy buildings) rated units, powered exclusively by renewable energy. The schemes are located in Dublin 13, next to the 54-acre Fr Collins Park and within close proximity to the Dart rail service.
Since its establishment, Twinlite has invested in the region of €650 million in its various developments, and has built almost 3,000 homes. It has other schemes in the pipeline, including in Dalkey, Co Dublin and a build-to-rent project at Ironborn in Stepaside, where it has plans to build 445 apartments.
Latest accounts for Allied Land Investments Ltd, the holding company for the Twinlite group, show it made a profit of €9.8 million in the year to the end of December 2020, and had net current assets of €16.8 million. Accumulated profits totalled €31.6 million at the year end.