Munich Re asset manager MEAG has strengthened its growing Irish real estate portfolio with the acquisition of the Seafield Strand apartment scheme in Sutton, North Dublin, for an undisclosed sum, marking its fourth investment in the capital in little more than six months.

The waterfront development, purchased for one of MEAG's real estate special funds, follows the firm's €75M acquisition of residential investment 18 Newmarket Square in the Liberties and its more recent acquisition of the One Molesworth Street office building, which also includes The Ivy restaurant on Dawson Street, for €110M.

Last November, MEAG bought the 2 Dublin Landings offices in North Docklands for just over €50M, or about half the €106.5M which the complex had sold for in 2018.

Completed in 2023, Seafield Strand comprises 140 apartments across more than 118K SF of lettable space and occupies a seafront location in Sutton on the Howth Peninsula, one of Dublin's most established and affluent coastal suburbs. The property, built by Park Developments, owned by the Cotter family of Irish developers, had previously been acquired by Union Investment for around €75M through a forward-funding agreement in 2022.

The latest acquisition reflects continued institutional demand for Dublin's residential sector, where a chronic housing shortage, sustained population growth and resilient labour market have continued to support rental demand despite a more challenging investment environment across Europe.

"High-quality residential properties in prime locations across leading European cities provide stable and predictable cash flows, which remain highly attractive to our long-term institutional investors," MEAG Head of Real Estate Transactions Katrin Hupfauer said in a statement.

Hupfauer, who spoke at Bisnow’s recent Ireland offices event, said Dublin continues to stand out because of Ireland's strong economic performance relative to many European markets, adding that the company's rapidly assembled Irish portfolio complements its €15B global real estate holdings.

The deal adds to a steady flow of institutional capital targeting Ireland's living sectors, with international investors continuing to pursue high-quality rental housing despite limited availability of investment-grade stock.

CBRE advised MEAG commercially on the acquisition, while Matheson provided legal and tax advice. Hollis acted as technical adviser.