Nuveen Real Estate and Eagle Street break ground on North Docklands build to rent development

Project will deliver 702 affordable rental apartments to Castleforbes

Dublin/London, March 4, 2024 – Nuveen Real Estate, one of the largest investment managers in the world with $149 billion of assets under management, and the investment advisor to a joint venture between an insurance separate account of its parent company, TIAA, Australian superannuation fund HESTA and Eagle Street Partners (Eagle Street), the pan-European real estate investment and asset manager, announces that works have started above ground on the site of its landmark build to rent development at Castleforbes Business Park in Dublin’s North Docklands.

Located in Dublin’s Central Business District (CBD), the site is situated at the economic heart of the capital and in close proximity to the headquarters of a wide range of domestic and multinational firms. The development is due to practically complete the first phase in Q3 2025. It will bring some much-needed social & affordable housing to the city centre and overall will consist of 508 studios and one bed apartments, 179 two bed apartments and 15 three bed apartments.

The 46,000sqm development will include new homes for rent in eight blocks each with dedicated rooftop access. Also contained within the plans is a new community space, best-in-class public amenity space, an adjacent hospitality offering and an 18-storey residential tower adding to Dublin’s skyline.

Nuveen Real Estate acts as the investment advisor to the Joint Venture with Eagle Street acting as Developer and Operator of the 702 rental apartments, under its Resident Space operating platform providing a highly engaging and digitally enabled living experience for tenants at Castleforbes. The residential block will be built by John Paul Construction and financed by Apollo Global Management.

Nuveen Real Estate and Eagle Street break ground on North Docklands build to rent development

Alisha Chauhan, Director, European Housing at Nuveen, said: “The start of works at the Castleforbes site is an important milestone for the development, and we look forward to working with our partners Resident Space to deliver a flagship scheme in our European living portfolio. Despite the challenging environment over the past year, we continue to believe in the strong fundamentals Dublin has to offer and remain active within the market.”

Shane Scully, CEO and Co-Founder of Eagle Street, added: “We are extremely excited to start development of the Castleforbes site to deliver much-needed housing in a key city centre location. Due to the challenging macro environment, we are happy to be one of the few schemes delivering on-site after a period of constructive adaptation with our delivery partners. Our vertically integrated Resident Space platform is excited to commence this project and has the ambition to add to our portfolio as we actively look for more opportunities in the market.”