British fund pays €20m for 39 Dublin social housing units

BRITISH fund manager Aberdeen Standard Investments (ASI) has purchased a 39-unit social housing block in Dublin City centre from Red Rock Developments for €20m. Located at 19-20 Blackhall Street, Smithfield, Dublin 7, the property is leased to Dublin City Council on a 25-year inflation-linked lease. All but three apartments are occupied.

ASI is also actively seeking residential and commercial investments for a number of its European mandates.

“We are very pleased to have partnered with Aberdeen Standard Investments‘ European Long Income Real Estate Fund on their first Irish real estate transaction to deliver this high quality development, providing much needed social housing for Dublin City,” said

Keith Craddock, managing director of Red Rock.

Davy Real Estate acted for ASI and Owen Reilly advised Red Rock.

Founded in 2015, Red Rock has developed luxury homes in Ballsbridge, Artane, Blackrock and Drumcondra. It also plans 84 build-to-rent apartments opposite Energia Park rugby stadium in Donnybrook.

Mr Craddock is also the co-founder of TurkingtonRock, an interior design-led builder of luxury dwellings.

ASI’s deal follows the purchase last month of 55 social housing units by international investor Principal Real Estate Europe for €20.2m.

Those units were described as individual and family homes located across Dublin and let to local authorities. The vendor was Ross Maguire’s New Beginning and the Irish Social Housing Fund.