Ardstone Capital, the investment firm founded by former senior executives of Friends First, has spent around € 180 million to acquire 398 apartments delivered by Dwyer Nolan Developments at three sites in Dublin.
The forward purchase agreement deal will see Ardstone secure ownership of a mix of units across the developer’s projects at Santry Place in North Dublin, Hampton Wood in Finglas and Windermere in Clongriffin.
While Ardstone and Dwyer Nolan declined to comment on the matter, The Irish Times understands the deal was finalized last week. The off-market deal that was negotiated by joint agents CBRE and Dillon Marshall represents the latest in a series of significant sales for Dublin’s private rental sector (PRS) market.
It comes just two months after German investor Union Investment finalized its own € 200million acquisition of 435 apartments and a health center being developed by Sean Mulryan’s Ballymore Group at Royal Canal Park in Ashtown, Dublin 15.
Santry Place apartments represent the largest part of the sale of Dwyer Nolan’s portfolio with some 205 units spread over three blocks expected to be substantially completed in the third quarter of this year. All 125 units from Hampton Wood and 68 units from Windermere to Clongriffin are expected to be delivered in 2022.
In the case of Santry Place, Dwyer Nolan is preparing to deliver apartments for the high end of the private rental market. Located on Swords Road and close to Omni Park Mall and Santry Park, the development will feature a mix of one, two and three bedroom units with concierge service, as well as a range of amenities for residents.
These will include a cinema hall, nursery, gym, residents’ lounge, work modules, playground, roof garden, as well as landscaped gardens and courtyards. The Santry program will also feature an onsite management suite and promises to accept pets subject to terms and conditions.
The development of the complex represents a major change in use for the Swords Road site. Prior to its acquisition by Dwyer Nolan, the property had housed a 10,339 m² (111,288 square feet) warehouse for many years.
In Hampton Wood, Dwyer Nolan’s 125-unit deal with Ardstone follows his sale of 128 apartments to Ires Reit for € 40 million in 2017, as well as a € 35 million sale of 92 homes and apartments in the same development at Dublin City Council. .
Founded in 2005 by former Friends First property managers Donal Mulcahy, Ciarán Burns and Donal O’Neill, Ardstone Capital focuses on investing in commercial real estate in the UK and Europe.
The company, which has offices in Ireland, the UK, Germany and Spain, currently manages more than £ 500 million (€ 581 million) in assets under management, according to its website.
In 2016, Ardstone executives created a new company dedicated to developing new homes for the Irish market. Ardstone Homes is involved in housing programs at sites in Dublin, Kildare, Wicklow and Galway and plans to build up to 5,000 new homes over the next few years.