Business News

Over 1,200 ‘build-to-rent’ apartments to be constructed in South Dublin

By Business & Finance
10 January 2018
economy construction housing

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.”