Ireland: Eagle Street Partners and Harrison Street has formed a JV to acquire and develop a 554-unit BTR multi-phase development at East Road in Dublin.
Eagle Street will be the developer of the project through its operating platform, Resident Space.
The East Road development will include 43,162 square feet of commercial space comprising offices, a café, a daycare facility, and retail. Located within Dublin’s North Docklands, this development is in the heart of Dublin’s tech hub, an area which hosts “a largely young, highly skilled workforce of more than 40,000 employees”. The Docklands area is one of the most accessible locations within Dublin, offering easy access to several transportation options, and garners strong demand for residential accommodation.
Paul Bashir, CEO of Harrison Street’s European business, said demand for rental housing in Dublin has outpaced development for the last ten years, as Ireland’s growing population and influx of young professionals continue to stress the city’s obsolete residential options.
“We are pleased to bring a purpose-built, high-quality rental housing option to a neighbourhood backed by strong demand drivers and expand Harrison Street’s presence in the Irish BTR market through our joint venture with Eagle Street, which brings deep experience developing BTR projects in Ireland and the UK.“We look forward to identifying and executing on further attractive opportunities in the Irish market with similarly favourable supply-demand dynamics for our investors and partners,” said Bashir.
Justin Bickle, founder, executive chairman and CIO of Eagle Street, said: “Harrison Street brings significant, global expertise investing in BTR projects to Ireland, and we are delighted to partner with them to expand their existing presence in the country’s residential housing market. Given the multi-year opportunity in Dublin’s residential market, we look forward to leveragingHarrison Street’s demographically driven platform and strong operational knowledge alongside EagleStreet’s strong track record acquiring, developing, and managing residential real estate assets inIreland and the UK.”
Harrison Street is an investment management firms exclusively focused on alternative real assets. Since inception in 2005, the firm has created a series of differentiated investment solutions focused on demographic-driven, needs-based assets.
Eagle Street is a pan-European real estate investment and asset manager with offices in Jersey, Dublin, London, and Luxembourg. It is focused primarily in acquiring, developing, refurbishing and managing commercial, residential and life sciences real estate assets and creating dedicated operating platforms such as Resident Space.
