Harrison Street, a leading investment management firm exclusively focused on alternative real assets, and Eagle Street Partners (Eagle Street), a pan-European real estate investment and asset manager, has announced the formation of a new Joint Venture (JV) to acquire and develop a 554-residential-unit BTR multi-phase development at East Road in Dublin, Ireland. Eagle Street will serve as the developer of the project through its operating platform, Resident Space.
The East Road development will include 43,162 square feet of commercial space comprising offices, a café, a daycare facility, and retail. Located within Dublin’s North Docklands, this development is in the heart of Dublin’s significant tech hub that draws some of the world’s leading employers in the finance, legal, TMT, and professional services sectors and hosts a largely young, highly skilled workforce of more than 40,000 employees. The Docklands area is one of the most accessible locations within Dublin, offering easy access to several transportation options, and garners strong demand for residential accommodation.
Paul Bashir, Chief Executive Officer of Harrison Street’s European business, said, “Demand for rental housing in Dublin has outpaced development for the last ten years, as Ireland’s growing population and influx of young professionals continues to stress the city’s obsolete residential options.
“We are pleased to bring a purpose-built, high-quality rental housing option to a neighborhood 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 favorable supply-demand dynamics for our investors and partners.”
Justin Bickle, Founder, Executive Chairman and CIO of Eagle Street, 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. 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.”
Harrison Street is among the most active investors in alternative real estate sectors—including student accommodation, build-to-rent residential, and life sciences—in Europe. Since launching its European strategy in 2015, Harrison Street has acquired or developed 71 assets, including over 18,000 student accommodation beds, 3,000 residential units and 2.1 million square feet of Life Sciences space, in partnership with 14 operating partners in the UK, Ireland, France, Germany, and Spain. The firm’s experience in Ireland includes investments across 11 PBSA assets with over 3,500 beds developed to date with experienced local developers and operators.