A joint venture deal to create a market leading Build to Rent Platform in Dublin

Eagle Street – a pan European real estate investment and asset manager - had identified a compelling rationale to create and scale a market leading multifamily platform, initially focused on Dublin.

Their Resident Space platform aims to deliver high quality, affordable rental housing. Eagle Street had the team, the strategy and prospective pipeline but they needed capital partners to finance the programmatic acquisition and build out of projects.

Making the complexities of a strategic JV manageable

Led by its EMEA Equity Advisory team, JLL discreetly identified a major strategic partner for Eagle Street — Nuveen one of the world’s largest investment managers proved to be a great fit. 

JLL was the influential advisor, trusted by both sides that was a deciding factor when Eagle Street were choosing a partner. The multi-disciplinary JLL team provided strategic and JV deal structuring advice combined with on the ground market knowledge and support on locking in the pipeline.

One of Dublin’s largest to seed the JV

The first project of the JV was Castleforbes - a prime residential development site in Dublin, Ireland, It has planning permission for a multi-family build-to-rent (BTR) property of up to 702 homes. Once complete, it is expected to be valued in excess of €500 million and will become one of the largest ever BTR projects in Dublin.

The scale of the Castleforbes project and the JV’s growth plans, meant it was desirable to bring in another capital partner, and HESTA, Australia’s largest superannuation fund for health and community services workers, also committed to the opportunity alongside Nuveen and Eagle Street.

Eagle Street’s capabilities and track record, supported by JLL’s advice, professionalism, deep relationships and insights gave all parties confidence in the partnership’s potential.

Multi-purpose and digitally enabled living

Located in Dublin’s Central Business District (CBD), in the city’s North Docklands, the Castleforbes site is at the economic heart of the Irish capital and close to the headquarters of a wide range of local and multinational firms. As well as rental properties the site incorporates a community space, social and affordable housing.

A first for every player

For Eagle Street, the deal accelerates its progress to become one of Ireland’s leading players in the private rented sector. It will manage the assets via its Resident Space operating platform, and with the support of the likes of Nuveen and HESTA, is targeted to deliver at least 5,000 residential units in Dublin in the coming years.

For Nuveen Real Estate this deal marked its first build to rent project in Dublin as the investment manager seeks to increase its portfolio of living assets across Europe. It was also HESTA’s first investment in Europe’s living sector. More are expected to follow as the JV expands and develops more projects.

Talk to Capital Markets at JLL