Following its launch in January, M&G’s European Living Property Fund has purchased a second asset in Eglinton Place, Dublin for €99.5 million, adding to its €75 million maiden acquisition in Finland.
Launched in early January with €578 million investment – including €400 million of investment from MN – one of the largest pension administrators and asset managers of Dutch pension funds – the Fund aims to provide institutional investors with attractive, risk-adjusted returns through investment into some of Europe’s student housing, single and multi-family housing and retirement living sectors.
Located close to the city centre and its principal employment locations, Eglinton Place provides 148 high-quality private rented sector homes made up of 1, 2 and 3-bed apartments, which will be ready for occupation in Q2 2023. The development is targeting a BREEAM ‘Very Good’ certification as a minimum by Irish housing developers, Richmond Homes.
Fossil-fuel free, with energy sourced from a combination of a district heating system and solar roof panels, it will also have hot water heat pumps, energy efficient electric radiators, green roofs, and electric vehicle charging. Residents will have use of communal lounges, balconies, terraces, rooftop gardens, a gym, 208 bicycle spaces and 1,400 sq m of external amenity space.
Commenting on the transaction, Marcus Eilers, Head of European Residential at M&G Real Estate, said: “With extremely restricted supply across Ireland, there is a particularly strong demand for high-quality housing in Dublin with developments such as Eglinton Place commanding strong rents, which will help us to deliver resilient returns for our clients.
“Through this acquisition, we are building on our commitment to provide sustainable homes that support wellbeing, sustainability, and community and we are looking for further opportunities with developers and property owners across other key European markets.”
Increasing the availability of low carbon and energy efficient housing across Europe forms a key tenet of M&G Real Estate’s net zero aspirations. As one of the founding signatories of the Better Buildings Partnership Climate Change Commitment, the company has committed to achieving net zero carbon across its global portfolio by 2050.
M&G Real Estate is part of M&G plc’s £76.7 billion* Private & Alternative Assets business with European offices in Amsterdam, Frankfurt, Luxembourg, Madrid, Milan, Paris and Stockholm.
