Greystar sets up in Ireland with €176m deal

Greystar, the US property developer, has poached Aviva UK’s head of property to run its new operation in Ireland.

The group, which owns 162,000 homes worldwide, announced it had entered the Irish market by buying the Dublin Landings scheme – a development of 268 private rented apartments and office space in the city’s docklands area – from Irish developer Ballymore International Developments and Singapore-based Oxley Holdings for €176m (£157m).

The deal will establish a Greystar presence in Ireland, with the new operation being run by Claire Solon, currently head of property at Aviva UK. Solon is set to start in her new role on 21 October 2019.

Spread across five blocks Dublin Landings is set to include more than half a million square feet of office space and 17,000ft² of retail and restaurant space.

Amenities for the private rental residents will include a private gym, business lounges and parking for 210 cars in a basement area.

The move is Greystar’s latest in Europe, the firm having firmed up its presence in the UK build-to-rent and student accommodation sectors in recent months.

Mark Allnutt, senior managing director at Greystar UK and Ireland, said the Dublin Landings deal demonstrated Greystar’s leading position in the European build-to-rent space.

“Alongside the scheme we are looking forward to welcoming Claire as our Ireland country lead. Her wealth of experience in the Irish property sector will be invaluable as we continue to expand our footprint in the UK and Ireland,” Allnutt added.