Offers for prime Dublin residential rental platform surpass €1bn

The sale by developer Pat Crean's Marlet Property Group of its Castle residential platform is preparing to move into the second round of bidding following the receipt of numerous offers in excess of the €1 billion that sole adviser Cantor Fitzgerald had been seeking when they brought the portfolio to the market in March.

Upwards of a dozen parties are understood to have expressed their respective interest in acquiring the private rented sector (PRS) platform in advance of its delivery by the developer between July 2021 and March 2024. Upon completion, the Castle portfolio will comprise some 2,000 apartments and duplexes distributed across six sites in the capital.

Cantor Fitzgerald is understood to be assessing the proposals with a view to writing to a number of parties to inform them of their progression to the next round of the forward sale process. The Irish Times understands the list of those to have expressed their interest includes Kennedy Wilson, Axa, Blackstone, Union Investment, Angelo Gordon, Cortland, Nuveen Real Estate, Lone Star, Greystar, and a joint venture involving Orange Capital Partners and GIC.

The first scheme scheduled for completion from the Castle portfolio is St Clare’s in Harold’s Cross, Dublin 6. Situated on the lands of the former St Clare’s Convent, the completed development will consist of 192 units in eight new blocks along with 28 apartments within the refurbished convent buildings. The scheme will also include landscaped gardens, 156 basement car-parking spaces and a creche.

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Following this, Marlet is aiming to complete the construction of 449 apartments across two developments in the south Dublin suburb of Dundrum between the final quarter of this year and the second quarter of 2022.

Green Acre Grange, will comprise 307 one-, two- and three-bedroom apartments distributed across three blocks on lands adjacent to the renowned Airfield urban farm, while the Walled Garden will consist of 142 apartments set within four blocks.

The Castle portfolio also includes two developments in Dublin city centre comprising a total of 812 apartments. The first of these, One Lime Street in the city’s south docklands, will consist of 216 one- and two-bedroom apartments complemented by an onsite gym, multi-purpose rooms, retail space at street level, and 1,207sq m (13,000sq ft) of landscaped communal space.

The larger of Marlet’s city centre developments is Grand Canal Harbour. Located next to the Guinness Storehouse on the site of the original Grand Canal terminus, the scheme will have 596 apartments and over 7,000sq m (76,000sq ft) of retail and amenity space upon completion. Over 50 per cent of the site is to be given over to public spaces including a public plaza offering a flexible outdoor space for open-air markets and events.

The sixth and final scheme within the portfolio is Claremont, Marlet’s seafront development overlooking Howth harbour in north Dublin. The development is set to comprise a total of 512 apartments along with a creche and more than 2,600sq m (28,000sq ft) of retail space.