14th July 2020
Marlet closes deal with German investment fund Real IS for Dublin 2 apartments for a reported €46-million deal
RELATED PROJECTS
14th July 2020 – Marlet has closed the sale of its residential scheme, Ropemaker Place, in Dublin 2, to German fund Real IS for a reported €46 million agreed in October last year.
Consisting of 56 high-end apartments, the deal – Marlet’s second of this kind since Ireland’s Covid-19 restrictions began – is welcome evidence of the resilient health of the residential investment market at this time, and should give the sector a much-needed confidence boost in these early days of a return to business.
“We are happy to have finalised this transaction with Real IS, which has been on the cards since last Autumn” says Pat Crean of Marlet. “We take it as a vote of confidence not just in our product and approach to development but also in Ireland’s economy and the Dublin residential market in particular. This city is still catching up in certain respects with its European counterparts and we are delighted to be at the centre of things, making sure Dublin reaches its full potential in terms of development standards and attracting investment.”
“With Ropemaker Place, we are continuing our growth trajectory in Ireland. Dublin stands out in particular, with high excess demand in the residential sector and its dynamic growth”, explains Dr. Pamela Hoerr, member of Real I.S. AG’s Board of management.
Designed to retain elements of the warehouse feel and rich history of the local area, Ropemaker Place comprises 10 one-bed apartments, 29 two-bed apartments, 6 two-bed duplexes and 11 three-bed apartments, with plenty of landscaped courtyard and roof terrace spaces and 2,000 sq ft of retail space.
Well-located in the south docklands, directly opposite the Bord Gais Energy Theatre, and at the heart of Dublin Silicon Docks, the apartments will come as a most welcome addition to the residential stock in city centre Dublin.
Ropemaker is situated adjacent to another Marlet development, the Sorting Office, a 202,000 sq ft commercial building, which sold to Mapletree Investments in June 2019; and to another of its major mixed-used schemes yet to be built on Lime Street.
