Ardstone Acquires 360-unit Spencer Place Asset for its Core Residential Fund, Expanding Portfolio to 3,000 Units with €1.3 Billion GAV Ardstone, the Irish investment and development platform, today announced the acquisition of the 360-unit Spencer Place apartment development in Dublin City Centre, further strengthening its core residential portfolio.
This strategic purchase, secured at an attractive value following recent pricing correction in the market, brings Ardstone’s portfolio towards 3,000 residential units with a gross asset value (GAV) now reaching €1.3 billion. Spencer Place is being acquired by the Ardstone Residential Income Fund (ARIF), which focuses on delivering high-quality, rental housing primarily in the Greater Dublin Area.
The addition of this prime asset adds diversification to an already strong portfolio, which is all A-rated in terms of energy efficiency and includes a substantial proportion of social and affordable housing with government-backed, inflation-linked income streams. The ARIF fund benefits from strong backing, including significant commitments from international pension funds CBRE IM and Bouwinvest, alongside the Ireland Strategic Investment Fund (ISIF).
Jessica Crowley, Senior Director at Ardstone, commented: “Acquiring Spencer Place is a key step in growing our portfolio and delivering on our ambition to become Ireland’s largest institutional landlord. One of our unique selling points to our investors is our ability to move early and secure deals such as this. In addition to Spencer Place, we have another 200-unit asset in our immediate pipeline, and intend to continue expanding the portfolio significantly over the next 12 months.”
