Ballymore, one of the Irish developers in the center of the “Celtic tiger” property boom and bust, is looking for an investor to bring her in £150 million for its first foray into the growing construction in the residential sector.
The company, along with the development of Singapore’s Oxley partner company, looking for investment partner for the construction of 272 to rent a home in the framework of its project of the regeneration of Royal Wharf in East London. Real estate Agency CBRE handles the scheme.
Dublin-Ballymore, one of the largest builders in Ireland, was founded by Sean Mulryan, who was one of the most well-known developers during the boom in the early 2000-ies. The company has built a number of large settlements, but when the real estate market collapsed, many loans were transferred to the bad Bank of Ireland, Nama. He has since repaid the money he borrowed and has in recent years staged something of a comeback, building a number of properties in Ireland and the UK.
It in your builds to rent the site to a number of major developers and institutional investors wishing to capitalize on the demand for well-managed rented houses, especially in major cities. Investors in the UK, including legal and General and M&G, and recently moved into the sector, and developers such as Quintain, which is backed by us Private equity firm lone star, build thousands of apartments for rent.
John Mulryan, General managing Director of Ballymore group, said: “there is a lack of high-quality options for thousands of people in London who want to have flexibility in the lease.
“By entering the construction market rent Deanston Wharf – the first of many to build for the rental property we are planning – we will provide the same quality homes that Ballymore is renowned for this growing market”.