KGAL Core 5 LIFE, one of the few Article 9 residential real estate funds with a European focus, has acquired a portfolio in Lucan, County Dublin, consisting of three residential buildings with 104 units. The properties, which were built between 2020 and 2022, have a total lettable area of 8,882 square metres.
The attractive purchase price multiplier of the off-market deal appropriately reflects the current interest rate level.
Ireland has had the strongest growth rates in the eurozone in recent years, and Dublin is the economic heart of the country. The capital attracts financial service providers as well as major tech and pharmaceutical companies from all over the world. In the coming years, Dublin is expected to achieve a 2% p.a. growth in employment – the highest rate in the EU. Around 90,000 new jobs are expected to be created in the Irish capital by 2027. The resulting influx and demand for housing will be correspondingly high, while supply remains scarce.
“In addition to the expected increase in rental income, there is a realistic potential for our new-build portfolio to increase in value thanks to the favourable conditions,” explains André Zücker, Co-CEO of KGAL and responsible for transaction management, adding: “At the same time, the letting risk is low.” For KGAL Core 5 LIFE, this is the second acquisition in a dynamic metropolis in the current favourable market situation. According to André Zücker, “Our 2023 investment in Málaga, southern Spain, even exceeded our expectations.”
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