Real asset fund manager has acquired a fully-let 8,882sqm portfolio in Ireland on behalf of its European residential fund.
The firm has invested an undisclosed sum on behalf of its KGAL Core 5 LIFE fund to buy the three residential buildings with 104 units in Lucan, County Dublin from TPG Angelo Gordon and their local partner Carysfort Capital.
Andr茅 Z眉cker, co-CEO of KGAL, said: 鈥淚n addition to the expected increase in rental income, there is a realistic potential for our new-build portfolio to increase in value thanks to the favourable conditions. At the same time, the letting risk is low.鈥�
The properties were built between 2020 and 2022.
Z眉cker, who is also responsible for transaction management, said the deal is the second acquisition for the KGAL Core 5 LIFE fund, following the fund鈥檚 2023 investment in M谩laga, southern Spain, an investment that had 鈥渆xceeded our expectations鈥�.
Florian Martin, co-CEO of KGAL with responsibility for business development, said: 鈥淲e are very satisfied with the purchase in Dublin and already have a number of other European properties under review.
鈥淔ollowing the strong start to our KGAL Core 5 LIFE, we have seen growing interest from investors and are planning the next fund closing in the coming months.鈥�
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