Ardstone closes Ireland’s biggest residential deal in 2025

Irish investment manager Ardstone has acquired a residential development in Dublin from Ronan Group for €177 mln, making it Ireland's largest residential investment deal of the year. 

Spencer Place Residential

The sale of the 360-unit build-to-rent and co-living Spencer Place Residential complex in North Docklands boasts amenities like a 24-hour concierge, gym, cinema, and co-working spaces.
Ronan Group's Libra Living platform previously managed the development, designed to accommodate over 700 residents. 
This deal marks the completion of Ronan Group's Spencer Place campus project, which began with its 2016 acquisition of the six-acre site from Salesforce.
The building boasts full electrification, LEED Platinum certification, and status as one of Ireland's first near-zero energy buildings (NZEB) occupied by a commercial tenant.
The campus also includes the Salesforce Tower Dublin, developed by Ronan Group and later sold to Blackstone along with the Samuel Hotel for over €500 mln.
Gavin Wyley, head of Residential Development at Ronan Group, commented: "The price achieved reflects the strong fundamentals of Ireland’s economy and the improving sentiment in the residential investment market. We expect this momentum to continue into 2026, supported by recent government amendments to rental caps and apartment standards coupled with sustained demand for high-quality urban living." 
Ronan Group has several other significant developments underway, including Waterfront South Central, a flagship mixed-use project on Dublin’s North Wall Quay slated for completion next year. The company is also developing a large-scale urban quarter at the Glass Bottle site in Dublin 4, with over 3,800 new homes and more than 92,000 m2 of commercial space.