Aberdeen Standard Investments‘ (ASI) European Long Income Real Estate Fund (“the Fund”) has acquired 19-20 Blackhall Street, Smithfield, Dublin 7 for €20 Million.
This residential development was completed by Red Rock Developments in December 2020 and consists of 39 apartments. The property is leased to Dublin City Council on a 25 year inflation-linked lease.
Launched in October 2019, the Fund will appeal to institutional investors looking for alternative sources of income that tap into the so-called ‘illiquidity premium’. The Fund aims to provide long-term, reliable, inflation-protected income streams with reduced volatility in capital values compared with a more conventional real estate fund.
Robert McDonnell, Residential Fund Manager, Aberdeen Standard Investments, said: “The Blackhall Street development is well located and we are delighted that this acquisition will help Dublin City Council meet a portion of their social housing needs, whilst also providing investors in the Fund with a sustainable income stream over the long term”.
Keith Craddock, Managing Director and Founder of Red Rock Developments added: “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”.
Davy Real Estate acted on behalf of Aberdeen Standard Investments and Owen Reilly advised Red Rock Developments on the transaction.
Notes to editors
- Aberdeen Standard Investments is one of Europe’s largest real estate investment managers, managing £37 billion (€40.7 billion) of real estate assets across UK, Europe and Asia. Our dedicated team of 270 real estate investment professionals manages more than 1,600 real estate assets worldwide, and are based in 19 offices (including London, Edinburgh, Frankfurt, Paris, Stockholm, Copenhagen, Amsterdam, Hong Kong, Singapore, Boston. (30 June 2020)
- Aberdeen Standard Investments is a global asset manager dedicated to creating long-term value for our clients. With over 1,000 investment professionals, we manage £455.6 billion* (€501.2 billion*) of assets worldwide. We have clients in c.80 countries supported by over 40 offices globally. This ensures we are close to our clients and the markets in which we invest. (*as of 30 June 2020)
- We are high-conviction, long-term investors who believe teamwork and collaboration are the key to delivering repeatable, superior investment performance.
- You can access the Aberdeen Standard Investments media centre here: https://www.aberdeenstandard.com/news-and-media
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Selling real estate can be a lengthy process so investors in the Fund should be aware that they may not be able to sell their investment when they want to.
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