Harrison Street and Eagle Street form Joint Venture to develop Built-to-Rent project in Ireland
Harrison Street, one of the leading investment management firms exclusively focused on alternative real assets, and Eagle Street Partners (Eagle Street), a pan-European real estate investment and asset manager, today announced the formation of a new Joint Venture (JV) to acquire and develop a 554-residential-unit BTR multi-phase development at East Road in Dublin, Ireland. Eagle Street will serve as developer of the project through its operating platform, Resident Space.
The East Road development will include 43,162 square feet of commercial space comprising offices, a café, a daycare facility, and retail. Located within Dublin’s North Docklands, this development is in the heart of Dublin’s significant tech hub that draws some of the world’s leading employers in the finance, legal, TMT, and professional services sectors and hosts a largely young, highly skilled workforce of more than 40,000 employees. The Docklands area is one of the most accessible locations within Dublin, offering easy access to several transportation options, and garners strong demand for residential accommodation.
Paul Bashir, Chief Executive Officer of Harrison Street’s European business, said, “Demand for rental housing in Dublin has outpaced development for the last ten years, as Ireland’s growing population and influx of young professionals continues to stress the city’s obsolete residential options. We are pleased to bring a purpose-built, high-quality rental housing option to a neighborhood backed by strong demand drivers and expand Harrison Street’s presence in the Irish BTR market through our joint venture with Eagle Street, which brings deep experience developing BTR projects in Ireland and the UK. We look forward to identifying and executing on further attractive opportunities in the Irish market with similarly favorable supply-demand dynamics for our investors and partners.”
Justin Bickle, Founder, Executive Chairman and CIO of Eagle Street, said, “Harrison Street brings significant, global expertise investing in BTR projects to Ireland, and we are delighted to partner with them to expand their existing presence in the country’s residential housing market. Given the multi-year opportunity in Dublin’s residential market, we look forward to leveraging Harrison Street’s demographically driven platform and strong operational knowledge alongside Eagle Street’s strong track record acquiring, developing, and managing residential real estate assets in Ireland and the UK.”
Harrison Street is among the most active investors in alternative real estate sectors—including student accommodation, build-to-rent residential, and life sciences—in Europe. Since launching its European strategy in 2015, Harrison Street has acquired or developed 71 assets, including over 18,000 student accommodation beds, 3,000 residential units and 2.1 million square feet of Life Sciences space, in partnership with 14 operating partners in the UK, Ireland, France, Germany, and Spain. The firm’s experience in Ireland includes investments across 11 PBSA assets with over 3,500 beds developed to date with experienced local developers and operators.
About Harrison Street
Harrison Street is one of the leading investment management firms exclusively focused on alternative real assets. Since inception in 2005, the firm has created a series of differentiated investment solutions focused on demographic-driven, needs-based assets. The firm has invested across senior housing, student housing, healthcare delivery, life sciences and storage real estate as well as social and utility infrastructure. Headquartered in Chicago with offices in London, Toronto, San Francisco and Washington D.C., the firm has more than 200- employees and nearly $46 billion in assets under management. Clients of the firm include a global institutional investor base domiciled in North America, Europe, Middle East, Asia and Latin America. Harrison Street was awarded Best Places to Work by Pensions & Investments for seven consecutive years (2014-2020) and was recognized by PERE as the 2021 Alternatives Investor of the Year, North America and 2020 Global Alternatives Investor of the Year. For more information, please visit www.harrisonst.com.
About Eagle Street
Eagle Street is a pan-European real estate investment and asset manager with offices in Jersey, Dublin, London, and Luxembourg. It is focused primarily in acquiring, developing, refurbishing and managing commercial, residential and life sciences real estate assets and creating dedicated operating platforms such as Resident Space. Eagle Street was founded in 2020 by Justin Bickle and Shane Scully and is owned by its two founders and backed by an institutional investor.
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