Exclusive: Dutch Giant APG On Its €450M Cherrywood Residential Deal
Dublin is currently experiencing the worst housing shortage that Ireland has ever seen. Supply is low and many people have become homeless or are stuck in overcrowded situations.
Even for those not in such dire circumstances, house prices and rents are high. It is a big challenge for the city — if people cannot afford to live in Dublin, it will potentially discourage the flow of global companies that have relocated to the city in recent years.
Against this backdrop of limited supply and high demand, last week Dutch pension fund APG Asset Management announced they would be backing a €450M investment that will kickstart the development of a new town that is being created in South Dublin.
The first phase of Cherrywood, situated on the green luas line, will feature 1,221 build-to-rent apartments built by Hines with backing from APG. When completed APG will own them for the long term.
Cherrywood will ultimately comprise 7,700 new homes,…
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