N&W Capital, a Dutch family office, has completed the acquisition for about €50 million of Kilcarbery Square, a fully stabilised private rented sector (PRS) investment comprising 115 newly developed apartments in Dublin 22. N&W acquired the apartment portfolio shortly before Christmas from funds managed by US-headquartered investor TPG Angelo Gordon and its local partner, Carysfort Capital. The price paid equates to an average of €434,782 per unit.

The apartments comprise a mix of one, two and three-bedroom units and are arranged across three blocks known as Newgrange Hall. Nangor Hall and Corkagh Hall. The apartments form part of the wider Kilcarbery Grange development of more than 1,000 new homes near Clondalkin in west Dublin.

N&W Capital is a privately owned European family office with a long track record in real estate development, and investment. The firm is active in the Netherlands and Ireland and is focused on the long-term ownership of high-quality residential and healthcare assets.

Guido Specht, chief executive of N&W Capital said: “Kilcarbery Square represents a long-term investment in the Irish residential market and aligns with our strategy of owning and operating high-quality housing across Europe.”

Michael Looney, chief executive of Carysfort Capital said: “We are pleased to complete this transaction with N&W Capital, a new entrant into the Irish market. This marks the fifth time Carysfort Capital with TPG Angelo Gordon has exited to a new entrant, bringing fresh capital to the Irish real estate sector.”

N&W Capital was advised on the acquisition by Colliers (led by Michele McGarry), Matheson, HVK Stevens, Taylor Wessing, CBRE, Logical and Hyppe. The transaction was financed by Pluto Finance, with funds managed by Blackstone acting as capital partner.

The vendors, TPG Angelo Gordon and Carysfort Capital, were advised by Shane Cahir of CBRE, along with advisers in Eversheds Sutherland and KPMG.

Michele McGarry of Colliers said: “This transaction is a strong endorsement of the Irish living sector and highlights the continued depth of international capital targeting well-located, large-scale PRS opportunities.”