CBRE Global Investment Partners (CBRE GIP) has committed €450 million, on behalf of a number of its clients, to Ardstone’s recently launched core, open-ended fund targeting the social and affordable residential sector in Dublin.
The strategy is focused on financing and delivering secure, long-term returns in a socially responsible manner through the provision of high-quality affordable housing to social, affordable and private tenants. The strategy will see Ardstone working closely with local authorities and actively participating in mixed tenure housing, which sees owner occupiers and renters living within newly delivered communities. The fund is positioned at the forefront of Irish social and affordable residential real estate, supported by compelling economic and demographic conditions.
CBRE GIP has had a strategic partnership with Ardstone since 2013, spanning Ireland and the UK through a series of programmatic ventures and this fund commitment.
Since launching in January 2021, the fund has acquired ten assets comprising 1,275 newly constructed units representing three of the top five largest transactions to occur in the Irish market this year. It also has an exclusive pipeline of 2,500 additional units, with more acquisitions to be announced imminently.
Line Verroken, Senior Investment Manager at CBRE GIP, said: ”Investing in high-quality, sustainable and affordable housing is one of our preferred investment themes. There is a growing housing shortage in the Dublin market and we are keen to play a role by providing high quality and affordable homes. We believe the fundamentals for this investment are very strong and provide an opportunity to create value in both financial and social terms. We are pleased to be partnering with Ardstone on this strategy.”
Donal O’Neill, CEO of Ardstone said: “We are delighted to continue to grow our partnership with CBRE GIP, and we are committed to building an unparalleled platform in the social and affordable sector. We have been highly active in the residential market for the past five years and we are confident that our local expertise, pipeline, and sustainability knowledge will allow us to move quickly towards our ambition of scaling the portfolio to 3,500 units by this time next year and creating significant value for our investors. We are committed to working alongside local policy makers and other stakeholders to assist with supplying appropriate housing to the market”.
The fund is currently in due diligence on a number of further acquisitions and is set to secure commitments from additional high calibre investors shortly.
Notes to Editors
About CBRE Global Investment Partners
CBRE Global Investment Partners (CBRE GIP) is a division of CBRE Global Investors. CBRE GIP delivers investment solutions customised for clients’ individual objectives by constructing portfolios using private funds, secondaries, co-investments and joint ventures, partnering with leading operators and fund managers for each strategy. Investments cover the risk spectrum from core to enhanced, can be global or regional in nature, and use a variety of investment vehicles based on clients’ preferences. CBRE GIP has $37.8 billion in assets under management* as of December 31, 2020.
CBRE Global Investment Partners Limited is authorised and regulated in the United Kingdom by the Financial Conduct Authority (FCA) and is also a registered investment adviser with the United States Securities Exchange Commission.
* Includes $9.0B of AUM managed by CBRE Global Investors affiliates and CBRE GIP APAC Indirect. Assets under management (AUM) refers to the fair market value of real asset-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real asset-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real asset market, and its calculation of AUM may differ from the calculations of other asset managers.
Ardstone is a privately owned European real estate investment manager, headquartered in Dublin. The company was founded in 2005, and has an exceptional tack record with very focused forward-thinking strategies.
Ardstone currently has five active fund strategies under management, with a wide range of European institutional investors. In 2013, Ardstone pivoted into the residential market and is now one of Ireland’s largest development platforms and institutional landlords.