German fund pays €145m for Dublin residential rental portfolio – The Irish Times

A real estate fund managed by Deutsche Bank subsidiary DWS has paid about €145 million to acquire a portfolio of 317 residential units the MKN Property Group is developing in Dublin.

The deal, which is understood to have been completed in recent days, will see DWS secure ownership of the Prestige portfolio, a mix of existing and new-build apartments and houses distributed across four schemes in the north Dublin suburbs of Swords, Raheny, Clontarf and Killester.

The €145 million price tag equates to an average of €457,413 per unit, and represents the largest private rental sector (PRS) or build-to-rent deal to complete this year. The joint agents handling the sale, Hooke & MacDonald and Savills, declined to comment on the transaction when contacted by The Irish Times.

While the majority of the Prestige portfolio’s units are in the process of construction with final phased practical completion by October 2021, DWS

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