October 8th, 2018 – Dublin
FOR IMMEDIATE RELEASE
Twinlite has entered into a forward sale agreement with a fund advised by Tristan Capital Partners for the Trinity Collection – a private rental sector (PRS) project of 372 units currently under construction in Clongriffin, Dublin 13.
The units are spread over three blocks, benefit from 408 car parking spaces and will include dedicated tenant facilities. Construction has commenced on site with the first delivery in Q1 2020. Twinlite will take a minority equity stake in the completed project.
Rick Larkin, Executive Director at Twinlite said: “We’re delighted to work with a world class investment manager like Tristan Capital Partners. We greatly appreciate their confidence in our team, who are working hard to deliver what will be a best-in-class PRS product and we are excited to continue working with Tristan in the future to further increase housing supply.”
Kristian Smyth, Director at Tristan Capital Partners said: “Dublin PRS is still experiencing chronic undersupply at a time when demand is growing. Local population growth coupled with restrictive Central bank mortgage rules have resulted in the number of PRS households increasing by over 60% in the last decade. As demand intensifies, tenants are looking for more affordable locations like Clongriffin; one of the key urban districts in North Dublin. With excellent transport links into the City Centre, we believe its prominence will continue to grow in the coming years.”
Tristan Capital Partners are a pan-European real estate investment manager with over €9bn under management.
Twinlite were advised by Byrne Wallace and Matheson. Tristan were advised by Maples Calder, PWC, Hooke & MacDonald and Malcolm Hollis. Activate Capital are financing the development phase and were advised by McCann Fitzgerald.