Ardstone Capital has raised 鈧�185m for its Irish residential property fund.
The investment manager began raising capital for its Residential Partners vehicle in .
The fund is on target to raise 鈧�200m by the first quarter of next year, having been backed by six institutional investors, Ardstone said.
The starter home sub-sector in Dublin鈥檚 commuter belt is the fund鈥檚 main focus.
Ardstone, which has with Global Investment Partners in the office and retail sectors, said 鈧�130m had so far been invested by the fund, which is expected to generate a 15% triple net annual return.
Donal O鈥橬eill, co-founder of Ardstone, said: 鈥淲e have witnessed, and participated in, the Irish office market recovery, and we now anticipate a similar broad-based recovery in the residential sector, where funding and supply are lacking. We welcome the recent government and central bank measures aimed at stimulating both the sales and rental markets.鈥�
The vehicle is the firm鈥檚 third fund since 2012.
