Greystar closes €180m sale of 268-unit apartment scheme to German investor
Greystar, the US-headquartered property investment group, has closed the sale of its Quayside Quarter apartment development in Dublin’s north docklands to German property investor Quantum Immobilien for €180 million. The deal for the 268-unit scheme, one of the largest commercial property transactions in Ireland so far this year, marks Quantum’s first foray into the private rented sector here. The sale price equates to €671,641 per unit. Property agent JLL advised Greystar on the transaction. “Quantum Immobilien’s first move into Dublin demonstrates the city’s growing appeal to international institutional investors and its place within the wider European investment landscape,” said Niall Gunne, senior director of capital markets at JLL Ireland. “A scheme of this scale, comprising 268 luxury apartments across eight buildings, is representative of the type of high-quality residential asset continuing to attract international institutional capital. Dublin’s growing population and sustained demand for rental accommodation continue to support investor interest in the sector.” Quayside Quarter is located at Dublin Landings near the Point Village in Dublin 1. It comprises 268 units across eight buildings, with a gym, residents’ lounge, games room and co-working spaces as well as 210 car parking spaces and 300 bicycle spaces. Greystar is perhaps best known in Ireland for its portfolio of purpose-built student accommodation schemes. Most recently, it acquired a 216-bed development on Church Street, Dublin 7, from Valeo earlier this year. It now operates close to 2,000 student beds in the Republic. Ireland’s private rented sector (PRS) is attracting more interest from international investors, partially due to Government rental reforms announced last year. PRS investment here stalled in 2022 amid a hike in both borrowing and construction costs, leading to a marked slowdown in new-home completions. The industry also cited tough rent regulations as a factor. To entice investors back and to lift housing to a target level of 50,000 units a year, the Government last year loosened rent controls, changed apartment design standards and, in the budget, cut the VAT rate on new-build units.