Blackglen is a zoned development opportunity in South Dublin, acquired off-market in December 2020 to address the undersupply of residential space in the PRS market.
The project is the result of a partnership between Stoneweg and two very experienced property developers that successfully delivered a number of schemes in Ireland and abroad. The business plan aims to secure planning permission on the site for the development of about 400 units. Once the construction permit has been granted, the project will be sold to the institutional market, before any construction has been started.
This project demonstrates the capability of Stoneweg to source and secure attractive investment opportunities in a new market.
|Acquisition price||€ 20 million|
|Total Investment||€ 28 million|
|Total Sales Price||GDV of € 36 million|
|Target Multiple||1.4X – 1.9X|