Tristan and SW3 grow south Dublin rental portfolio
European real estate investment specialists Tristan Capital Partners and their Irish operating partners, SW3 Capital, have acquired a further 47 apartments at the Elmfield development in Leopardstown, south county Dublin from Dwyer Nolan Developments. The completion of the deal increases the size of Tristan and SW3's holding at Elmfield to 185 apartments. The partnership acquired the portfolio in two phases for an overall price of €68.5m.
Commenting on the transaction, Adam Rooney of SW3 said, "We are delighted to have completed the purchase alongside our capital partners at Tristan. The increased scale at Elmfield will now allow us to initiate a number of exciting initiatives that will help build a stronger community and enhance the living experience for all of our residents. We remain committed to providing a new benchmark for renting in Ireland".
The scheme at Elmfield is to be operated by the VERT platform, which now has 382 PRS (private rental sector) units across two locations in Dublin and is actively seeking new opportunities to further increase the size of the existing portfolio.
Dwyer Nolan Developments completed construction on the Leopardstown development in the final quarter of 2017. The company has been actively building apartments in Dublin for the past 24 months. Referring to the sale of the Elmfield apartments to SW3, Dwyer Nolan's owner, Edward O'Dwyer, said the build-to-rent (BTR) model is "a clear de-risking solution to deliver apartment accommodation of scale." Mr O'Dwyer added that BTR would be a key area of Dwyer Nolan's business plan going forward.
Tristan and SW3 were advised on the deal by Tim MacMahon of CBRE's development land and consultancy division, while Dwyer Nolan Developments were advised by Damien Dillon of Dillon Marshall Property Consultants Ltd.
Outside of their interest in Dublin's residential sector, Tristan and SW3 have invested in a number of commercial developments in the capital. The most notable of these saw the partnership acquire the EXO development site at Point Square in the city's north docklands from Nama-appointed receivers last December. Upon completion in 2020, the Exo will be Dublin's tallest office block, rising to 73m (239 ft). The building will comprise some 169,150 sq ft of Grade A office space, capable of accommodating 2,000 workers.