Abrdn’s Pan European Residential Property Fund (aPER) has completed the purchase of Roselawn, a multifamily/build-to-rent scheme in the South Dublin suburb of Blackrock, for €70 million.
Abrdn has £7.5 billion of residential assets under management and total assets under management and administration (AUMA) of £500 billion.
The development is the first build-to-rent asset purchased by the fund in Dublin and it was purchased from Richmond Homes.
Roselawn is a development of 142 units with a mix of one-, two- and three-bedroom apartments.
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.”
Fergus Farrell, Chief Operating Officer, Richmond Homes, said: “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.”