Investment manager Nuveen Real Estate has partnered with Eagle Street Partners and Australian pension fund HESTA to acquire its first Dublin build to rent (BTR) residential property asset that will have a gross development value (GDV) in excess of $500 million.

Nuveen Real Estate, Eagle Street and HESTA, the Health Employees Superannuation Trust Australia, have acquired a residential site at Castleforbes Business Park that comes with planning permission for BTR development of up to 702 homes.

Nuveen Real Estate is one of the largest investment managers in the world with $139 billion of assets under management.

The development is expected to complete in 2024 and was acquired from Glenveagh Properties PLC, one of Ireland’s leading homebuilders.

It is located in Dublin’s Central Business District (CBD) in the city’s North Docklands.

The acquisition is Nuveen Real Estate’s first build to rent investment in Dublin as the investment manager seeks to increase its portfolio of “living assets” across Europe.

It also marks the first investment in Europe’s living sector by HESTA, one of Australia’s largest superannuation funds for health and community services workers.

Austin Mitchell, Head of International Housing at Nuveen, said: “This is a very exciting project and an important milestone for Nuveen as we increase our portfolio of living assets globally.

“Our focus is on delivering a user-centric experience for residents, powered by the latest technology, and with high sustainability standards embedded across the value chain.

“We are assembling a unique pipeline of strategic partnerships within Europe and Asia Pacific across the life stages of housing and in locations that offer both best relative value and best in class execution.

“After Spain and Japan, Greater Dublin is our third purpose built for rent multifamily market outside the U.S., and we are delighted to be working with Eagle Street and HESTA on this landmark project.”

Justin Bickle, executive chairman and CIO at Eagle Street, said: “Today’s acquisition of Castleforbes represents the first deal for Eagle Street’s new Resident Space platform which we are determined will deliver high quality, affordable, and purpose built modern rental product into a chronically under-supplied residential market.

“The opportunity to work with Nuveen, one of the world’s largest and most storied real estate investors, and HESTA, one of Australia’s leading superannuation funds, is testament to the importance of Dublin as one of Europe’s premier gateway cities.

“We look forward to contributing to ongoing placemaking in Dublin’s Docklands and to ensuring the long-term sustainability of the local area through Resident Space’s customer centric rental offering.”

HESTA chief investment oficer Sonya Sawtell-Rickson said: “HESTA is delighted to be entering into a joint venture arrangement with Nuveen and Eagle Street on Castleforbes, an opportunity that supports a growing need for accommodation built to a high environmental standard and is expected to deliver strong long-term returns to our members.

“HESTA is focused on delivering outstanding investment performance for members while having a positive impact that contributes to fairer and healthier communities.

“Housing is a key theme for HESTA in this regard. We’re excited that the development project will create jobs and economic activity, as well as improved social outcomes by increasing the supply of affordable housing.”