Global asset manager Aberdeen Standard Investments’ (Abdrn) Pan European Residential Property Fund has paid €70 million for Roselawn, a 142-unit apartment scheme near Foxrock in south Dublin.
Developed by Richmond Homes, the scheme, which is aimed towards the upper end of the private rented sector, comprises a mix of one-, two- and three-bedroom apartments along with a range of residents’ amenities, including a resident’s lounge, a gym and co-working facilities as well as landscaped gardens, courtyard gardens and recreation areas.
Roselawn is the first build-to-rent investment to be acquired by the fund in Dublin. It is paying an average of €492,957 per unit.
In 2021 Abdrn’s European Long Income Real Estate Fund entered the Irish market with its purchase for €20 million of 39 apartments at 19-20 Blackhall Street in Smithfield in Dublin city centre. In the case of that investment the apartments were let in their entirety to Dublin City Council on a 25-year inflation-linked lease. The Roselawn portfolio is the Pan European Fund’s first investment here.
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Commenting on the completion of the Roselawn deal, Abdrn fund manager Robert McDonnell said: “We’re delighted to have acquired Roselawn. This is a high quality build-to-rent scheme where residents benefit from the scheme’s strong sustainability features, the on-site amenities as well as the excellent connectivity to Dublin city and the surrounding area. Roselawn is nZEB (nearly zero energy building) compliant and includes A-rated apartments, which is an excellent fit for the sustainability requirements of the fund.”
Fergus Farrell, chief operating officer at Richmond Homes, added: “Roselawn continues our strategy of delivering best-in-class, sustainable multifamily accommodation in great locations.”
Abdrn was advised on the legal aspects of the deal by Arthur Cox, while agent Knight Frank helped to negotiate the transaction. Richmond Homes’s legal adviser was Eversheds Sutherland, while agent Hooke & MacDonald brokered the deal.
Abrdn is one of Europe’s largest investment managers with £7.5 billion (€8.5bn) of residential assets under management.
