MEAG acquires Seafield Strand residential area in Dublin from Union Investment

The residential property "Seafield Strand" (seafieldstrand.ie), which was only completed in 2023 and is located directly on the sea, offers 140 apartments on over 11,000 m2 of rentable space. Located on the north coast of Dublin Bay on the Howth Peninsula, Sutton is a highly sought-after residential address. Union Investment acquired the complex in 2022 as part of a forward purchase.

Katrin Hupfauer, Head of Real Estate Transactions at MEAG: "Residential properties of the highest quality and very good locations in top European locations offer stable and easily calculable cash flows, and that is exactly what our long-term institutional investors are looking for. Dublin is one of these leading locations with Ireland's very strong economic fundamentals – especially by European standards. The Irish portfolio, which has been built up within a short period of time, is an ideal addition to our global real estate portfolio of 15 billion euros."

Joseph Mulrooney, Senior Transaction Manager at MEAG: "The property impresses with its excellent residential location with maritime flair, which is expected to be in high demand for many years to come. This investment in Dublin complements the three other recent acquisitions in the Irish capital. We would like to thank the Union Investment team for the trust they have placed in us and the good cooperation they have shown throughout the process."

MEAG was advised commercially by CBRE on the transaction. Legal and tax advice was provided by Matheson, and technical advice was provided by Hollis.