Four private-rented sector schemes in Dublin are selling for €425 million, Property Week reported.
Marlet Property Group and finance partner M&G Investments have signed up Savills for the sale of the Dublin Living portfolio on a forward-funding basis.
Mount Argus, St. Clare's, Carriglea and the development in Cabra Road will deliver 1,170 residential units, with an estimated rental value of €20.5 million, according to the June 7 report. The value is seen to increase "significantly" following the phased completion between the second half of 2018 and early 2020 because of a "critical" undersupply of private rented accommodation in the Irish capital and the resulting inflationary pressure on rents, the report noted.
The price tag reflects a net income yield of roughly 4.6%, and the properties are expected to generate interest from both local and foreign investors looking to partake in Dublin's private-rented sector.
Prices of property and rents are rising in Dublin, Domhnaill O'Sullivan of Savills Ireland noted in the report, adding that the offered portfolio is in "established" residential locations with "exceptionally" high rental demand.