Ireland: Real estate investment advisor and asset manager Stoneweg has acquired seven vacant buildings on Cork Street, Dublin 8 in an off-market transaction.
Acting in a joint venture with a local real estate investor and developer, Stoenweg will demolish and redevelop the largely derelict buildings into a 397-unit coliving scheme.
The one-acre site is located in Dublin city centre and zoned for residential development. It is close to the new National Children’s Hospital, which is due to complete in 2021 and will employ more than 3,000 people, and within walking distance to Grafton Street and Trinity College Dublin.
Christian Falster, head of Ireland operations at Stoneweg, said: “We’re very pleased to have completed this acquisition during the lockdown period, which we were able to do in part because of our professional team and the strength of our partnership on the ground in Dublin. This project is another strong addition to our portfolio of housing developments in a city where demand is significantly outstripping supply and institutional interest in income-producing residential assets is growing.”
