Greystar Real Estate Partners has acquired Dublin Landings from Ballymore for €175.5m (£156m) as its first venture in Ireland.
It has appointed Aviva’s head of property Claire Solon as managing director of Greystar Ireland. She will join the company on 21 October.
Greystar has acquired the core-plus asset on a forward funding basis.
It comprises 268 flats and associated amenity space. The mixed-use development also incorporates 565,000 sq ft of offices over five blocks and 17,000 sq ft of shops and restaurants.
Dublin Landings is located in a prime location in Dublin’s Docklands with quick access to the city centre.
Mark Allnutt, senior managing director UK & Ireland at Greystar, said: “As the European build-to-rent market continues to grow strongly, this deal demonstrates Greystar’s position as one of the leading developers in this space.”
Solon said: “We will be seeking to grow on the success of Dublin Landings in terms of the future acquisition of large residential development opportunities.”
Dublin’s burgeoning build-to-rent scheme has attracted significant institutional capital in recent months, including Patrizia’s €93m forward funding acquisition of Harold’s Cross and Round Hill Capital’s first Irish BTR acquisition, in a jv with QuadReal Property, at the end of last year.
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