South Dublin apartment portfolio set for €150m sale

Hibernia Real Estate Group (formerly Hibernia Reit) is to seek a buyer for a portfolio of 293 rental apartments it owns in the south Co Dublin suburb of Dundrum.

Located within walking distance of Dundrum Town Centre, the units are distributed across the Dundrum View and Wyckham Point residential schemes, and are understood to be fully let at rents below current market rates.

As the two schemes are located within a rent pressure zone, which limits the capacity of the landlord to increase the rent to 2 per cent per year, the sale of the portfolio is set to test the strength of demand among institutional investors for Dublin’s private rented sector market.

The Irish Times understands the Dundrum portfolio will be offered to the market at a guide price of between €140 million and €150 million.

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In the case of Dundrum View, Hibernia Real Estate Group is seeking to dispose of 80 apartments comprising a mix of one-, two- and three-bedroom apartments arranged across two buildings along with 114 secure on-site car parking spaces. Hibernia Reit acquired the scheme for €28.05 million in an off-market transaction in 2015.

Hibernia’s holding at Wyckham Point, meanwhile, consists of 213 apartments. Hibernia Reit acquired the units in a partly-completed state in 2014, as part of its wider off-market purchase of a €67 million loan portfolio from Ulster Bank. It spent a further €20 million to complete the unfinished apartments at Dundrum.