The prospect of immediate rental income secured by the guarantee of a 25-year government lease is said to have sparked strong interest in the sale of Project Haven, a portfolio of around 60 social housing units in the northern, southern and western suburbs of Dublin.
Following the receipt of bids from a number of parties, UK-based investment manager Alpha Real Capital was reportedly selected as the preferred bidder for the single-digit portfolio which sources say is ” just ahead of the guide “€ 21. million fixed by agent CBRE on behalf of Allied Irish Property and the Topland Group.
Alpha Real Capital describes itself as an “investment manager specializing in real assets with a focus on secure income strategies”. Founded in 2005, the company focuses its activities on the UK and European markets and manages around £ 4 billion in assets.
Regarding its Irish interests, Alpha Real Capital said in a research note in the last quarter of last year that it intends to build a portfolio of more than € 500 million of housing assets. Irish social services over the next 36 months.
While a precise breakdown of Project Haven’s portfolio was not provided by the sales agent when he put it on the market last April, it is understood that the properties include an equal mix of homes and of apartments spread over residential projects located in the main in Finglas. , Tallaght and Blanchardstown.
Each property in the portfolio has been fully renovated and leased through a standard 25-year lease, directly to the relevant local authority in each area. Indexed rent reviews are scheduled every three years. The portfolio currently generates gross rental income of € 952,000 per year.
The sellers, Allied Irish Property, specialize in investing in the residential sector across Ireland and in providing social housing to local authorities.
According to its website, the company’s structured finance division offers finance and equity to developers with a primary focus on social housing. Its joint venture partnership with the Topland group, headquartered in the United Kingdom, gives it significant financial firepower. Topland is one of the world’s largest multi-billion pound private investment groups.