Investors announce joint venture to develop Build to Rent project in Ireland

Harrison Street, one of the leading investment management firms exclusively focused on alternative estate assets, and Eagle Street Partners (Eagle Street), a pan-European estate investment and asset manager, announced last week the formation of a Joint Venture (JV) to acquire and develop a 554-residential-unit BTR multi-phase development at East Road in Dublin, Ireland.

Eagle Street, whose focus is primarily on acquiring, developing, refurbishing, and managing commercial, residential, and life sciences real estate, will serve as the project's developer through its dedicated operating platform, Resident Space.

Development to attract professional sectors

The East Road development will include 43,162 square feet of commercial space comprising offices, a café, a day-care facility, and retail. Located within Dublin’s North Dockland, this development is in the heart of Dublin’s significant tech hub that draws some of the world’s leading employers in the legal, finance, TMT, and professional services sectors.

It also hosts a largely young and highly skilled workforce of more than 40,000 employees. The Dockland area is known for being one of the most accessible locations in Dublin, offering convenient access to several transportation options, and garnering strong demand for residential accommodation.

Paul Bashir, chief executive officer of Harrison Street’s European business, has said that the demand for rental housing in Dublin has outpaced development for the last ten years, as Ireland’s growing population and the influx of young professionals continue to stress the city’s obsolete residential options.

Bashir commented: “We are pleased to bring a purpose-built, high-quality rental housing option to a neighbourhood backed by strong demand drivers and expand Harrison Street’s presence in the Irish BTR market through our joint venture with Eagle Street, which brings deep experience developing BTR projects in Ireland and the UK. We look forward to identifying and executing on further attractive opportunities in the Irish market with similarly favourable supply-demand dynamics for our investors and partners.”

The firm has invested in senior housing, student housing, healthcare delivery, storage real estate, and social and utility infrastructure with a global institutional investor base domicile in North America, Europe, the Middle East, Asia, and Latin America.

Justin Bickle, founder, executive chairman and CIO of Eagle Street, also said: “Harrison Street brings significant, global expertise investing in BTR projects to Ireland, and we are delighted to partner with them to expand their existing presence in the country’s residential housing market.”

Bickle concluded: “Given the multi-year opportunity in Dublin’s residential market, we look forward to leveraging Harrison Street’s demographically driven platform and strong operational knowledge alongside Eagle Street’s strong track record acquiring, developing, and managing residential real estate assets in Ireland and the UK.”

One of the most active investors in alternative estate sectors in Europe, including student accommodation, BTR residential and life sciences, Harrison Street launched its European strategy in 2015 and has, since then, acquired or developed 71 assets, including more than 18,000 student accommodation beds, 3,000 residential units and 2.1 million square feet of Life Sciences space.

This has been in partnership with 14 operating partners in the UK, Ireland, France, Germany, and Spain. The company’s experience in Ireland includes investments across 11 PBSA assets with more than 3,500 beds developed to date alongside experienced local developers and operators.

Previously, Harrison Street formed a joint venture with Apache Capital, to fund the development of up to seven premium build-to-rent schemes across England and Scotland, with additional investment from NFU Mutual. This JV includes schemes in Birmingham, Liverpool, Leeds, London, Edinburgh and Glasgow.

Eagle Street, which has offices in Jersey, Dublin, London and Luxembourg, was founded in 2020 by Justin Bickle and Shane Scully, and is owned by its two founders and backed by an institutional investor.