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Ardstone secures €450m for its Irish resi fund

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Ardstone has launched a core, open-ended fund targeting the social and affordable residential sector in Dublin. The strategy is focused on financing and delivering secure, long-term returns in a socially responsible manner through the provision of high-quality affordable housing to social, affordable and private tenants. The strategy will see Ardstone working closely with local authorities and actively participating in mixed tenure housing, which sees owner-occupiers and renters living within newly delivered communities. The fund is positioned at the forefront of Irish social and affordable residential real estate, supported by compelling economic and demographic conditions. Since launching in January 2021, the fund has acquired ten assets comprising 1,275 newly constructed units representing three of the top five largest transactions to occur in the Irish market this year. It also has an exclusive pipeline of 2,500 additional units, with more acquisitions to be announced imminently.

 

Ardstone has had a strategic partnership with CBRE Global Investment Partners (CBRE GIP) since 2013, spanning Ireland and the UK through a series of programmatic ventures and this fund commitment. CBRE GIP made the cornerstone investment into this strategy on behalf of a number of its clients.

 

Line Verroken, Senior Investment Manager at CBRE GIP, said: ”Investing in high-quality, sustainable and affordable housing is one of our preferred investment themes. There is a growing housing shortage in the Dublin market and we are keen to play a role by providing high quality and affordable homes. We believe the fundamentals for this investment are very strong and provide an opportunity to create value in both financial and social terms. We are pleased to be partnering with Ardstone for this strategy”.

 

Donal O’Neill, CEO of Ardstone said: “We are delighted to continue to grow our partnership with CBRE GIP, and we are committed to building an unparalleled platform in the social and affordable sector. We have been highly active in the residential market for the past five years and we are confident that our local expertise, pipeline, and sustainability knowledge will allow us to move quickly towards our ambition of scaling the portfolio to 3,500 units by this time next year and creating significant value for our investors. We are committed to working alongside local policymakers and other stakeholders to assist with supplying appropriate housing to the market”.

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Two teenagers died after separate incidents in Dublin and Waterford

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Two teenagers have died after separate incidents in Dublin and Waterford on Wednesday.

Gardaí in Ballyfermot responded to a call at an equestrian centre at Tay Lane, Co Dublin, at about 2pm.

Dublin Fire Brigade and the National Ambulance Service attended the scene and provided medical assistance to a 15-year-old girl who was injured during an exercise event.

She was removed to Children’s Health Ireland at Crumlin, where she later died.

Gardaí said the coroner has been notified. The Health and Safety Authority (HSA) has also been notified and will carry out an examination on Thursday.

Gardaí said investigations are ongoing. A file will be prepared for the Coroner’s Court.

Separately, gardaí and emergency services attended the scene of a workplace accident in Dungarvan, Co Waterford on Wednesday afternoon.

A boy was pronounced dead at the scene.

The HSA has been notified and will carry out an investigation. A file will be prepared for the coroner.

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Tritax EuroBox acquires Swedish logistics property for €47m

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Tritax EuroBox continues to expand its presence in the Swedish market with a €47m acquisition. The asset held freehold has a total gross internal area of approximately 28,900m² and comprises two purpose-built logistics facilities (one of 16,200m² and the other 12,700m²), located in the heart of the prime logistics location in the Port of Gothenburg. 

 

The Port of Gothenburg has been ranked as the most attractive logistics location in the Nordics for 20 years by Intelligent Logistik, the leading Nordic logistics media platform. There are currently no vacant logistics buildings in the port area. The Port is home to Scandinavia’s largest container terminal, which is forecast to grow over the coming years. The buildings are fully let to Agility AB, Nordicon AB and Vink Essaplast Group AB, generating a total annual rent of €1.79m on leases with a weighted average unexpired lease term of six years.  The rent reflects a rate of €62.50psm per annum.  All leases are annually indexed to 100% of Swedish CPI.

 

Nick Preston, Fund Manager of Tritax EuroBox, commented: “We are delighted to acquire our first asset in the Nordics which aligns with our disciplined investment approach and our long term strategic goals. The asset held freehold is located in the region’s strongest logistics market and offers asset management upside through working closely with the occupiers to achieve their business plans and increase rents to market levels. We expect to see continued strong market rental growth in the Port of Gothenburg, due to the natural constraint of land supply in the port area, and the increasing demand from occupiers. The Port of Gothenburg has a clear plan for growth, with significant infrastructure investment committed, further strengthening this location.”

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Flat in mansion block once home to TS Eliot for sale for £995,000

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Poet’s corner: One-bedroom flat in the Kensington mansion block once home to TS Eliot is for sale for £1million

  • The flat is part of an impressive red-brick mansion block in London’s affluent Kensington
  • The one-bedroom flat in Kensington Court Gardens is for sale for £995,000 via estate agents Marsh & Parsons
  • The average value of a home in Kensington is £1.97million compared to £329,735 nationally, says Zoopla

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A one-bedroom flat in the building that includes the former home of TS Eliot has gone on the market for just shy of £1million.

The flat for sale in London‘s affluent Kensington is part of a red brick mansion block where the poet once lived.

It is called Kensington Court Gardens and has a blue plaque on the exterior highlighting its famous literary former resident.

While TS Eliot lived in the same building, he did not live in this specific flat for sale which has a price tag of £995,000, reflecting its location in one of London’s most expensive areas.

The flat for sale is part of a red-brick mansion block in London's affluent Kensington and comes with a price tag of £995,000

The flat for sale is part of a red-brick mansion block in London’s affluent Kensington and comes with a price tag of £995,000

Modern interiors: The Kensington flat for sale has a good-sized living room with tall ceilings and cornicing

Modern interiors: The Kensington flat for sale has a good-sized living room with tall ceilings and cornicing

The mansion block was originally built between 1887 and 1889 and is a stone’s throw from Kensington High Street.

It has good access to public transport, including to Kensington High Street underground station.

The open green spaces of Kensington Gardens, Holland Park and Hyde Park are also within easy reach.

Thomas Stearns Eliot is shown to have lived and died at the property via one of London’s blue plaques, which link the people of the past with the buildings of the present. 

The large reception room at the flat is ideal for entertaining with space for a dining table and separate seating area

The large reception room at the flat is ideal for entertaining with space for a dining table and separate seating area

The building has a blue plaque on the exterior highlighting its famous former resident who lived and died at the property

The building has a blue plaque on the exterior highlighting its famous former resident who lived and died at the property

TS Eliot was born in 1887 on September 20 and was best known as a poet and playwright.

He was born in Missouri, but moved to England in 1914 and become a British citizen in 1927.

TS Eliot first attracted widespread attention for his poem, The Love Song of J Alfred Prufrock in 1915.

It was followed by some of the best-known poems in the English language, including The Waste Land, The Hollow Men, Ash Wednesday and Four Quartets.

He was awarded the Nobel Prize in Literature in 1948 for his outstanding contribution to poetry.

Thomas Stearns Eliot was born in 1887 on September 20 and was best known as a poet and playwright

Thomas Stearns Eliot was born in 1887 on September 20 and was best known as a poet and playwright

The spacious and light one-bedroom flat is being sold via estate agents Marsh & Parsons in Kensington

The spacious and light one-bedroom flat is being sold via estate agents Marsh & Parsons in Kensington

The Kensington flat for sale has a large living room with tall ceilings and cornicing, along with a separate kitchen.

There is also a walk-in shower room and a double bedroom with some built-in storage.

Barney Goss, of estate agents Marsh & Parsons in Kensington, which is handling the sale, said: ‘Kensington Court Gardens has a fantastic literary connection – the building used to be home to TS Eliot – and is in an amazing position just south of Kensington High Street and a short walk away from Kensington Gardens.

‘With high ceilings and period features throughout, the property presents an excellent opportunity for a buyer looking to live in a historic, prestigious address in a prime London location.’

The flat has a separate kitchen with white base and wall units, alongside a dark worktop and space for appliances

The flat has a separate kitchen with white base and wall units, alongside a dark worktop and space for appliances

Making an entrance: The main hallway in the impressive mansion block helps to make a good first impression

Making an entrance: The main hallway in the impressive mansion block helps to make a good first impression

The average price of a property in Kensington is £1,970,090, compared to the national average of £329,735, according to property website Zoopla.

Tom Parker, of Zoopla, said: ‘This property would make the perfect home for a buyer looking for city living that provides easy access to green spaces.

‘Located moments from bustling Kensington High Street with its many shops and restaurants, the apartment is also within walking distance from Kensington Gardens, Holland Park and Hyde Park.

‘Even better, it’s located in a building steeped in literary history as the place where famed poet T.S. Eliot lived and died.’

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