The real estate company Hines has joined forces with the Dutch pension investor APG Asset Management to develop 1,221 apartments in Cherrywood, South Dublin. The ‘build-to-rent’ scheme is being priced at €450 million.
If planning permission is granted, the first apartment blocks are set to be completed by 2020; this would be the country’s largest build-to-rent complex.
Cherrywood is an Irish-government Strategic Development Zone initiative with a new town to be built in the Dún Laoghaire-Rathdown area holding 7,700 homes, six schools, three parks, leisure amenities, and supported by the existing light rail system.
The Head of European Property Development at APG, Robert Jan-Foortse, said: “In a severely undersupplied market such as Dublin, we are pleased that this investment addresses this unserved demand in a meaningful way by enabling the development of over 1,200 dwellings.”
Gary Corrigan, Hines‘ Development Director, said: “It bodes very well for other projects to be acquired and developed as we pursue the wider strategy to build out our joint venture into a substantial private rental platform over the coming years.”