London-based private equity real estate investment firm Valpre Capital, Irish-based Revelate Capital and a UBS-managed fund have completed the widely anticipated €80M sale of 18 Newmarket Square, Dublin 8, to MEAG, the asset manager of German insurance giant Munich Re.

The residential development includes 134 build-to-rent apartments, a retail unit, 301 bicycle parking spaces, a coworking lounge, public amenities, a landscaped courtyard and three communal rooftop gardens.

Located within the Liberties, the scheme forms part of the wider regeneration of an evolving neighbourhood and includes a mix of studio, one-, two- and three-bedroom homes, constructed to Nearly Zero Energy Building standards.

Financing was provided by Fairfield Real Estate Finance, backed by funds managed by Oaktree Capital, and the project was designed by Reddy Architecture + Urbanism and constructed by Walls Construction.

“This development delivers high-quality new rental homes in Dublin 8 and reflects the depth of demand for well-designed, sustainable housing in the capital. Our experience in Dublin continues to reinforce our long-term commitment to investing in the city’s living and mixed-use sectors,” Valpre Capital partner Sami Hakim said in a statement.

Dublin’s BTR market has been heating up in recent months, in part thanks to mooted changes to rental cap rules that should make more schemes financially viable for investors and developers.

German investors have become increasingly active in the Irish market, and, alongside the MEAG transaction, Hamburg-based investment manager Quantum Immobilien has lined up the €180M Quayside Quarter in Dublin as its first deal in Ireland.

The 13-acre waterfront, mixed-use scheme comprises 268 luxury apartments and amenities including offices, shops and restaurants.