Pension Irish Property Fund - Quarter 3 2020

Investment activity has continued throughout 2020, but at a significantly reduced level compared with 2019. At a headline level, Q3 saw close to €700m of investment across 20 deals nationwide. The majority of the larger deals would have been agreed in the first half, and travel restrictions, together with the market uncertainty that continues due to Covid-19, hindered international investors, with many taking a moment to pause and re-evaluate options. Of total volumes, 65% went into the PRS sector, with offices accounting for 30%. Two notable transactions were the sale of PRS schemes in Dublin to a German investor for €145m and €210m, respectively. These were the Prestige Portfolio, a mix of 317 existing and new-build residential units in North Dublin, and Cheevers Court, which comprises 368 apartments under construction in Dún Laoghaire. International investors remain attracted to the solid fundamentals of the PRS sector in Ireland, where pricing compares favourably to European peers. This sector is on target to attract the largest share of property investment in Ireland in 2020.

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