ESO Real Estate has backed Irish housebuilder Genesis Homes with development funding.
The investment manager focused on European asset-backed special opportunities said the investment consists of “substantial development funding and a significant equity investment” to support Genesis’ plans to deliver in excess of 1,300 homes over the next five years, with a gross development value of over €340m.
Genesis will develop a mixed tenure business model which combines build-to-rent, build-to-sell and social elements.
Two new projects have been identified which will deliver almost 400 homes, with the first completions due in early 2020.
David Christie, head of ESO Real Estate, said: “With ESO’s backing, the team will become a major player in the Irish build-to-rent and build-to-sell sectors.
“This partnership will not only deliver a platform and portfolio that is in high demand from institutional investors, it will also play its part in solving Ireland’s housing crisis, which is an important social objective for ESO as a firm.”
Barry O’Connor, managing director of Genesis Homes, said: said: “The shortages in the Irish housing market have been well documented, so there is a clear need for the strong pipeline of developments that we have already identified.”
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