An affiliate of HIG Capital, a Miami-based private equity and alternative assets investment firm with $40bn of equity capital under management, has acquired 272 for-rent residential units in Dublin.
The move by HIG Realty Partners Europe was carried out through "a series of transactions". It did not reveal how much the transactions were worth in total, though the units bought totalled 17,000 sq m.
In a statement published on HIG Capital's website, Riccardo Dallolio, managing director and head of HIG Realty Partners Europe, said there was the potential to grow its portfolio in Ireland.
"We are excited to make this investment and see significant opportunities in the Irish residential sector to continue to expand this platform," he said. "Our focus in Ireland is on building a high-quality residential portfolio that has the potential to become a highly liquid institutional asset as the result of the envisaged value-add initiatives".
Jerome Fouille, managing director at HIG. Europe Realty Partners in London, said the Dublin residential sector was benefiting "from a unique combination of structural change and favourable supply/demand fundamentals". He added that HIG Realty had experience in these kinds of sectors and felt the Dublin investment was a perfect fit.
HIG continues to add to its sizeable holdings of real estate assets across Europe, consisting of both equity as well as debt investments. In its statement, the company said its target market is "value-added small and mid-cap opportunities".
The company failed to respond to a request for comment.
HIG Capital has offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the US. It also counts international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Rio de Janeiro, Sao Paulo and Bogota. It has a team of over 400 investment professionals.
The company specialises in providing both debt and equity capital to small and mid-sized companies.
Since its founding in 1993, HIG has invested in and managed more than 300 companies worldwide. The firm's portfolio includes more than 100 companies, with combined sales of over $30bn (€25.2bn).