M&G Real Estate has acquired 67 social housing apartments in Blackrock, Dublin, for €31.3 mln for its European Secured Property Income Fund.
Located close to the city centre, The Butter Yard is at the heart of suburb of Blackrock, home to restaurants and cafés and let to Dun Laoghaire Rathdown County Council for social housing use on a 25-year term.
It was recently completed as a 42,068 ft2 development comprising two apartment blocks of 67 one and two-bedroom homes.
This follows M&G’s recent acquisition of Eglinton Place in Dublin for €99.5 mln, which will provide 148 high-quality, sustainability-led private rented sector homes*.
The long-term lease agreement with Dun Laoghaire Rathdown County Council follows a strategy of finding ‘reliable, long-term cash flows’, that grow in line with inflation.