MEAG has strategically expanded its presence in the Irish real estate market by acquiring the "Seafield Strand" residential quarter. This property, located in Sutton, a desirable suburb in north Dublin, was secured for a MEAG real estate special fund. The seller was Union Investment, which originally acquired the complex in 2022 under a forward purchase agreement.
The "Seafield Strand" residential property was only completed in 2023 and is located in close proximity to the sea. It comprises 140 residential units across a lettable area of over 11,000 square metres. Sutton, situated on the north coast of Dublin Bay on the Howth peninsula, is considered a highly sought-after address for residential properties, which underscores the attractiveness of the acquisition.
Strengthening the Dublin Portfolio
"Seafield Strand" represents the fourth Dublin property that MEAG has acquired for its clients within a short period. The company is thus continuing its investment strategy in the Irish capital. Previously, "18 Newmarket Square" as another residential property, as well as the commercial properties "2 Dublin Landings" and "One Molesworth Street", were added to the portfolio. These additions demonstrate MEAG's focus on the Irish market.
Katrin Hupfauer, Head of Real Estate Transactions at MEAG, emphasised that top-quality residential properties in very good locations in prime European cities offer stable and predictable cash flows, which are important for long-term oriented institutional investors. She highlighted that Dublin, with Ireland's strong economic fundamentals, is one of these leading locations. The Irish portfolio, built up within a short period, complements MEAG's global real estate portfolio, which has a volume of EUR 15 billion.
Joseph Mulrooney, Senior Transaction Manager at MEAG, commented on the quality of the property. He noted that the property impresses with its excellent residential location with a maritime flair, which will be in strong demand in the long term. This investment in Dublin complements the three other recently completed acquisitions in the Irish capital. Mulrooney thanked the Union Investment team for their trust and cooperation during the transaction process.
Transaction Advice and Execution
MEAG was supported by several external advisors for this transaction. Commercial advice was provided by CBRE. Matheson solicitors were responsible for the legal and tax aspects. Technical advice was provided by Hollis. This arrangement of involved parties ensured a comprehensive review and execution of the acquisition.
