Affinius Capital and Macquarie Capital Principal Finance have provided EUR 182 million in preferred equity financing for a Build-to-Rent portfolio in Dublin, Ireland. The portfolio, owned by a fund managed by M&G Real Estate, was developed by the Marlet Property Group, which is also responsible for ongoing operations.
The financing is part of a comprehensive capital structure totalling EUR 732 million, which additionally includes EUR 550 million in senior mortgage financing arranged by Standard Chartered. The portfolio comprises six recently completed residential schemes in Dublin with a total of 1,812 residential units and 12 commercial units.
Portfolio Details and Market Outlook
Completed between 2021 and 2025, the properties are among Europe's highest quality institutional residential properties. They are located in established residential and mixed-use areas such as Harold’s Cross, Dundrum, Grand Canal Harbour, and Howth. This transaction reflects confidence in the quality of the properties and in the long-term fundamentals of the Dublin housing market, which benefits from population growth, strong employment dynamics, and persistent housing shortages.
Shaun Connery, Managing Director and Head of European Lending at Affinius Capital, expressed his pleasure regarding the collaboration with M&G and Marlet Property Group. He emphasised that the portfolio offers a rare opportunity to provide capital for a newly completed, institutional residential platform in Dublin that will benefit from the market's strong long-term fundamentals. He highlighted that the financing aligns with Affinius Capital's strategy of providing flexible capital solutions across Europe.
Alexi Antolovich, Global Co-Head of Real Estate at Macquarie Capital Principal Finance, also expressed his satisfaction with the partnership with M&G and Marlet. He stressed that the investment underscores their focus on providing flexible capital solutions to high-quality real estate companies, particularly for a portfolio that exhibits a high occupancy rate in its already stabilised assets.
Strategic Importance and Further Development
Alex Greaves, Global Head of Living at M&G, explained that, after building a stable portfolio generating ongoing income and comprising high-quality multi-family properties in Ireland, this transaction prepares the portfolio for its next phase through a new, long-term capital structure. He highlighted that the quality of the partners secured reflects institutional investors' confidence in the portfolio and in the Irish multi-family sector.
Pat Crean, CEO of Marlet, described the transaction as an important step in the company's long-term commitment to creating high-quality, sustainable rental housing for Dublin. He expressed confidence regarding future opportunities and the continued development of the Build-to-Rent platform together with M&G.
