Ardstone Capital has paid €79 million for 180 newly-developed apartments in Santry, in north Dublin. News of the deal for Birchwood Court comes just over four weeks on from the company’s €177 million purchase of the 360 apartments at Spencer Place in Dublin’s north docklands.
Ardstone, which maintains offices in offices in Ireland, the UK, Germany and Spain, stands to secure a net yield of about 5.25 per cent on its latest investment, compared to the 4.9 per cent it is in line for at Spencer Place. The apartments in Birchwood Court are vacant at present and will be ready for leasing in November.
Ardstone has acquired Birchwood Court for its Ardstone Residential Income Fund (ARIF). The fund now comprises a portfolio of over 3,000 residential properties consisting of a mix of houses and apartments located across Dublin and the greater Dublin area.
Separately, Ardstone also has approximately 1,000 units under construction through its residential development division.
The Birchwood Court scheme is Ardstone’s second major acquisition in Santry. In 2021, the company paid developer Dwyer Nolan about €180 million in a forward-purchase deal for 398 apartments it was delivering across three Dublin sites including one at Santry Place.
The two other developments involved in that transaction were Hampton Wood in Finglas and at Windermere in Clongriffin.
Commenting on her company’s latest investment in the Dublin private rented sector market, Jessica Crowley, senior director at Ardstone, said: “Our goal is to become Ireland’s pre-eminent housing provider and investment platform.
Birchwood Court aligns perfectly with this investment strategy, enabling us to secure value for our fund and provide a high-quality offering for the surging occupier demand in Ireland. We are continuing to fundraise for ARIF and we remain committed to expanding our portfolio over the coming 12 months.”