Ireland: Valpre Capital, Revelate Capital and Aventicum Real Estate have formed a strategic partnership for the development of 10 Newmarket Square, a BTR scheme in Dublin’s city centre.
10 Newmarket Square occupies a prominent location in the Liberties area in Dublin 8 and will comprise 132 apartment units. The development will also include a retail unit, 301 designated bicycle parking spaces, a coworking lounge, public amenities, a landscaped courtyard and three communal rooftop gardens.
The project targets the latest Nearly Zero Energy Building (NZEB) standards with a passive-first philosophy, with low u-values and a low-energy design.
Designed by Reddy Architecture + Urbanism, 10 Newmarket Square will be constructed by Walls Construction. Fairfield Real Estate Finance, backed by funds managed by Oaktree Capital, is providing construction financing. The completion of the project is anticipated by Q3 2025.
Valpre Capital is a London-based private equity real estate investment firm, Revelate Capital is an Irish based real estate investment and development business and Aventicum Real Estate is a pan-European value-add real estate platform owned by UBS.
Jan Dijkstra, senior director at Aventicum Real Estate, said: “We are delighted to have concluded this partnership with Valpre Capital and Revelate Capital which marks our first investment in the Irish market. We believe Dublin and other larger cities in Ireland will continue to offer attractive investment opportunities in the living sector in the coming years as demand fundamentals are sound and construction activity is suppressed.”
Ahmad M. Hariri, founder and managing partner of Valpre Capital, added: “We are glad to have Aventicum onboard in this project which will enable the delivery of 132 much needed high quality apartment units in Dublin. Our experience in the residential sector in Ireland over the past 5 years reinforces our belief in the urgency of regulatory changes to the current format of rental caps to enable the delivery of additional housing units.”
Mark O’Brien, founder and CEO of Revelate Capital, said: “We are happy to see the construction works starting on site at 10 Newmarket Square, which will be our second project in the Newmarket area of Dublin 8. We have led the acquisition, design and planning process and are looking forward to now delivering the building.”
The deal was supported by Charles Irvine Capital as capital raising advisor.
