Union Investment’s €200 Million Acquisition of 435 Dublin Apartments

Union Investment's €200 Million Acquisition of 435 Dublin Apartments

ByrneWallace LLP acted for Ballymore Group on the forward fund deal of 435 apartments and a health centre at 8th Lock, Ratoath Road, Pelletstown, Dublin 11 to German investor Union Investment for circa €200 million.

The development of 8th Lock also includes public plazas, pharmacy, own-door offices, juice bar and gym. The agreement of the forward-funding deal for the 8th Lock portfolio will be seen as a significant vote of confidence by international investors in Dublin’s PRS market, as the market faces ongoing uncertainty due to site closures resulting from the Covid-19 pandemic. 

Situated on the site of the former Ormond Printworks on Ratoath Road, the scheme is also set to include public plazas, a healthcare centre, pharmacy, own-door offices and a gym. Some 255 car parking spaces, electric vehicle charging points, disabled parking and nearly 950 bicycle parking spaces will be provided at surface and under-croft levels.

Ballymore Group is an Ireland-based international property development company. 

Union Investment is the investment arm of the DZ Bank Group and part of the cooperative financial services network.

The ByrneWallace LLP team that worked on this transaction was led by Neil Dunne (Picture, Real Estate Partner) and Fergal Ruane (Partner and Head of Projects and Infrastructure) and included senior associate Aoife Hearne and associate James Kelly from the Real Estate Team, solicitor Rory O’Huiginn from the Projects and Infrastructure Team and senior associate Jonathan Lynch from the Corporate Team. 

Involved fees earner: Neil Dunne – Byrne Wallace ; Aoife Hearne – Byrne Wallace ; James Kelly – Byrne Wallace ; Jonathan Lynch – Byrne Wallace ; Rory O’Huiginn – Byrne Wallace ; Fergal Ruane – Byrne Wallace ;

Law Firms: Byrne Wallace ;

Clients: Ballymore;

Author: Federica Tiefenthaler