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abrdn Purchase First BtR Investment Asset in Dublin

13 March 2023

abrdn announces the acquisition of Roselawn, a 142 unit residential scheme in Dublin, Ireland

abrdn’s Pan European Residential Property Fund (aPER) has completed the purchase of Roselawn, a Multifamily/Build-to-Rent scheme in Dublin, Ireland for €70 million. The development is the first BtR asset purchased by the Fund in Dublin and was acquired on a forward commitment basis, purchased from Richmond Homes.

Roselawn is a development of 142 units located in the South Dublin suburb of Blackrock, providing a mix of one-, two- and three-bedroom apartments. Tenant amenities include a resident’s lounge, a gym and co-working facilities as well as landscaped gardens, residents’ courtyard gardens and recreation areas.

The newly completed development sits fronting the N11 and in close proximity to the vibrant suburban office market of Sandyford, which is the home to many of the top Tech companies in the world.

Roselawn has been constructed to a very high standard and has excellent green credentials and includes PV Solar Panels, green roofs, electric car charging and 284 bicycle spaces.

Robert McDonnell, Fund Manager at abrdn said “We’re delighted to have acquired Roselawn - this is a high-quality Build to Rent scheme where residents benefit from the scheme’s strong sustainability features, the on-site amenities as well as the excellent connectivity to Dublin City and the surrounding area. Roselawn is NZEB compliant and includes A-Rated apartments, which is an excellent fit for the sustainability requirements of the Fund.”

The completion of Roselawn will provide much needed rental accommodation to a market, which is currently significantly under supplied.

Fergus Farrell, Chief Operating Officer, Richmond Homes, added: “Roselawn continues our strategy of delivering best-in-class, sustainable multi-family accommodation in great locations, which will provide residents with the very best of modern living.”

abrdn’s advisors were Arthur Cox, legals and Knight Frank’s Residential Capital Markets, real estate. Richmond Homes advisors were Eversheds Sutherland, legals and Hooke and MacDonald, real estate. abrdn is one of Europe’s largest investment managers with £7.5 billion of residential assets under management.