Eagle Street – a pan European real estate investment and asset manager - had identified a compelling rationale to create and scale a market leading multifamily platform, initially focused on Dublin.

Their Resident Space platform aims to deliver high quality, affordable rental housing. Eagle Street had the team, the strategy and prospective pipeline but they needed capital partners to finance the programmatic acquisition and build out of projects.

The first project of the JV was Castleforbes - a prime residential development site in Dublin, Ireland, It has planning permission for a multi-family build-to-rent (BTR) property of up to 702 homes. Once complete, it is expected to be valued in excess of €500 million and will become one of the largest ever BTR projects in Dublin.

The scale of the Castleforbes project and the JV’s growth plans, meant it was desirable to bring in another capital partner, and HESTA, Australia’s largest superannuation fund for health and community services workers, also committed to the opportunity alongside Nuveen and Eagle Street.

Eagle Street’s capabilities and track record, supported by JLL’s advice, professionalism, deep relationships and insights gave all parties confidence in the partnership’s potential.

Located in Dublin’s Central Business District (CBD), in the city’s North Docklands, the Castleforbes site is at the economic heart of the Irish capital and close to the headquarters of a wide range of local and multinational firms. As well as rental properties the site incorporates a community space, social and affordable housing.