Ardstone Capital Acquires Dublin residential complex for €79m

Irish real estate investor Ardstone Capital has expanded its residential rental portfolio in Dublin with the €79 mln acquisition of Birchwood Court.

Jessica Crowley

The newly developed 180-unit apartment complex in Santry, North Dublin, is expected to yield a net return of approximately 5.2%, with the apartments set to be available for leasing in November. 
This marks Ardstone's second major investment in Santry, building on a 2021 forward-purchase deal for 398 apartments across three Dublin sites, including Santry Place. 
This deal, which follows their recent €177 mln purchase of 360 apartments at Spencer Place, brings Ardstone's Ardstone Residential Income Fund (ARIF) to over 3,000 homes across the greater Dublin area, intensifying its race to become Ireland's largest residential landlord.
Ardstone also has an additional 1,000 units currently under construction through its residential development division and plans to further expand its portfolio in the next year.
Jessica Crowley, senior director at Ardstone, commented: “Our goal is to become Ireland’s pre-eminent housing provider and investment platform. Birchwood Court aligns perfectly with this investment strategy, enabling us to secure value for our fund and provide a high-quality offering for the surging occupier demand in Ireland. We are continuing to fundraise for ARIF and we remain committed to expanding our portfolio over the coming 12 months.”