€425m development of 1,170 units on offer to investors

A rental portfolio of 1,170 new homes in Dublin, as yet unbuilt and set for four city sites, is being offered to the investment market from this week, with over €425 million in funding sought, and the promise of over €20m-plus in rents.

Going on current rents and accommodation shortages driving further increase, there would be a return of 4.6%, rising to 5.25% during construction, and major European and other funds such as Kennedy Wilson are expected to show interest.

What’s billed as Ireland’s largest private rented sector portfolio and titled ‘Dublin Living’ hits the market for over €425m via Savills, with completion between late 2018 and early 2020.