M&G acquires Eglinton Place Build to Rent scheme

M&G’s newly launched European Living Property Fund acquires Eglinton Place, a €99.5m Dublin Build to Rent scheme.

Eglinton Place Build to Rent development in Dublin. M&G’s newly launched European Living Property Fund has acquired the asset | BTR News
Eglinton Place Build to Rent development in Dublin. M&G’s newly launched European Living Property Fund has acquired the asset.

Following its launch in January 2023, M&G’s European Living Property Fund has purchased a second asset in Eglinton Place, Dublin for €99.5m, adding to its €75m maiden acquisition in Finland. Launched with €578m investment – including €400m of investment from MN – one of the largest pension administrators and asset managers of Dutch pension funds – the Fund aims to provide institutional investors with attractive, risk-adjusted returns through investment into some of Europe’s single and multifamily housing, student housing and retirement living sectors. 

Eglinton Place provides 148 high-quality Build to Rent homes – a mix of one-, two- and three-bedroom apartments. Amenities include a gym, communal lounges, balconies, terraces, rooftop gardens, 208 bicycle spaces and 1,400 sqm of external amenity space. Homes will be ready for occupation in Q2 2023.

Eglinton Place roof terrace | BTR News

The development is in Donnybrook, a suburb of Dublin with easy access to major employment hubs in the city centre and the Docklands via tram or bus. The asset is situated to the south of Ballsbridge where Meta have located its EMEA HQ. The area benefits from a wide variety of leisure and sports facilities alongside cafes, bars and restaurants.

The Eglinton Place development is targeting a BREEAM ‘Very Good’ certification as a minimum by Irish housing developers, Richmond Homes. Fossil-fuel free, with energy sourced from a combination of a district heating system and solar roof panels, the scheme will also include hot water heat pumps, energy efficient electric radiators, green roofs and electric vehicle charging.

Eglinton Place | BTR News

Increasing the availability of low carbon and energy efficient housing across Europe forms a key tenet of M&G Real Estate’s net zero aspirations. As one of the founding signatories of the Better Buildings Partnership Climate Change Commitment, the company has committed to achieving net zero carbon across its global portfolio by 2050. 

“With extremely restricted supply across Ireland, there is a particularly strong demand for high-quality housing in Dublin with developments such as Eglinton Place commanding strong rents, which will help us to deliver resilient returns for our clients.

“Through this acquisition, we are building on our commitment to provide sustainable homes that support wellbeing, sustainability, and community and we are looking for further opportunities with developers and property owners across other key European markets.” 

Marcus Eilers, Head of European Residential, M&G Real Estate

M&G Real Estate is part of M&G plc’s £76.7bn (as of 30 June 2022) Private & Alternative Assets business with European offices in Amsterdam, Frankfurt, Luxembourg, Madrid, Milan, Paris and Stockholm.