Trine

Avestus Capital Partners, acting on behalf of the Irish Residential PRS Fund II, representing Irish, Nordic and German institutional investors, has entered into a forward purchase agreement to acquire a portfolio of 108 private rented sector (PRS) apartments in Dublin.

The portfolio consists of 108 PRS units spread across two residential development schemes: Station Manor in Portmarnock, North Dublin that comprises 43 units in a single building and Scholarstown Wood in Rathfarnham, South Dublin that consists of 65 units across two buildings. The portfolio offers a strong value proposition by acquiring new PRS properties in established residential areas with strong demographics and desirable transportation and community amenities. The schemes are expected to be completed between August 2021 and October 2021. Once purchased, Station Manor and Scholarstown Wood will operate under the Havitat brand.

The portfolio will consist of high-quality new properties located in proven and established residential areas. This forward purchase agreement aligns well with the Fund’s investment objective of achieving long-term income and capital appreciation by investing in new PRS Properties located in established locations with strong demographic trends.