M&G and Marlet secure €550m for Dublin BTR portfolio
M&G Real Estate and Marlet Property Group have secured a €550m (£471m) senior term loan facility from Standard Chartered, which will support a build-to-rent (BTR) portfolio in Dublin.
The portfolio, which is owned by a client fund of M&G Real Estate and which was developed and is now operated by Marlet Property Group, comprises six private rented sector (PRS) developments across the city, encompassing 1,812 residential units and 12 commercial spaces.
The portfolio comprises high-quality residential assets across Dublin, including developments in St Clare’s, Harold’s Cross, Claremont, Grand Canal Harbour and Dundrum.
Alex Greaves, global head of living at M&G, said: “Having created a best-in-class portfolio which is stable, income producing and comprises some of the highest-quality multi-family assets in Ireland, this transaction positions the portfolio for its next phase through the creation of a new long-term capital structure.”
The facility has been structured as a green loan. All the residential units have a Building Energy Rating (BER) of ‘A3’ or better, reflecting the portfolio’s sustainability credentials.
Marlet chief executive Pat Crean said: “This transaction marks another significant step in our long-term commitment to delivering high-quality, sustainable rental accommodation for Dublin.”
Shane Moore, head of commercial real estate, EMEA, at Standard Chartered, added that the transaction reflected “the strength of our longstanding relationship with M&G and our continued commitment to supporting high-quality real estate assets across Europe”.
Meanwhile, alongside the senior financing provided by Standard Chartered, Affinius Capital and Macquarie Capital Principal Finance have provided a €182m (£156m) preferred equity commitment for the portfolio.
