Alpha Real Capital in €21m deal for Dublin social housing portfolio

The prospect of immediate rental income copper-fastened by the security of a 25-year government lease is understood to have seen strong interest in the sale of Project Haven, a portfolio of approximately 60 social housing units across Dublin’s north, south and west suburbs.

Following the receipt of offers from a number of parties, UK-headquartered investment manager Alpha Real Capital is understood to have been selected as the preferred bidder for the portfolio at a figure, which sources said is "just ahead of the guide" of €21 million set by agent CBRE on behalf of Allied Irish Property and the Topland Group.

Alpha Real Capital describes itself as a “specialist real assets investment manager focused on secure income strategies”. Established in 2005, the company focuses its activities in the UK and European markets and has about £4 billion in assets under management.

In terms of its Irish interests, Alpha Real Capital said in a research note in the final quarter of last year that it intends to build a €500 million-plus portfolio of Irish social housing assets over the next 36 months.

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While a precise breakdown of the Project Haven portfolio wasn’t given by the selling agent when they brought it to the market last April, it is understood the properties comprise an equal mix of houses and apartments distributed across residential schemes located in the main in Finglas, Tallaght and Blanchardstown.

Each property within the portfolio has been fully refurbished and let by way of a standard lease for a term of 25 years, directly to the relevant local authority in each area. Index-linked rent reviews are provided for in every third year. The portfolio is generating gross rental income of €952,000 per annum currently.

The vendors, Allied Irish Property, specialise in investment in the residential sector throughout Ireland and in the provision of 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 UK-headquartered Topland Group meanwhile provides it with significant financial firepower. Topland is one of the largest multi-billion pound, privately-owned investment groups worldwide.