Pan-European real estate manager, Ardstone Capital, has beaten its target and announced the first closing of Ardstone Residential Partners, a fund targeting residential development in Ireland, with a clear focus on house-building in Dublin’s commuter belt. Having easily broken their first close target from four investors, they are well placed to quickly secure the remaining equity commitments to reach their €200 million hard cap target.
Ardstone Residential Partners (ARP) is Ardstone’s third fund since 2013. With Ireland’s strong GDP growth and the chronic residential supply shortage, investors are viewing Ardstone’s strategy as very astute. ARP’s mandate is to generate a 15% triple net annual return to investors. It is targeting zoned and planned residential land, with the Ardstone platform overseeing the house building and sales process. This new strategy marks Ardstone’s third very specific theme since 2012, having successfully partnered with CBRE GIP for AROF, a UK Regional office strategy and again for Ardstone Value Partners, a Dublin office and retail value-add strategy. The strategy will be overseen by Steve Cassidy, a recognised industry leader in Ireland, who joined Ardstone 18 months ago. Steve previously ran the Savills development land department for 15 years.
Donal O’Neill, co-founder of Ardstone said, “We are very pleased to have completed a successful first closing with four very high quality investors, two Irish and two European, for Ardstone Residential Partners, our Irish house-building strategy. We have completed our first two investments and together with the others in due diligence will ensure ARP gets appropriate exposure to the sector and we can start delivering houses into the under-supplied market quickly.