Ardstone, the Irish investment and development platform, has received 4-star GRESB results on three of its residential strategies, which are primarily focused on the social and affordable sectors in Dublin.
Ardstone participated in the global real estate sustainability assessment this year for the first time with its Sustainable Communities development strategy, backed by Patrizia Multi Managers. The fund scored 92 points out of a possible 100, which is an excellent score for a first-time fund. Its aim is to deliver social and affordable homes for the Dublin market, and it has commenced development on 790 units, all designed to be EU-Taxonomy aligned. With its 1,200-unit Build-to-Rent development strategy, a joint venture with CBRE IM, Ardstone achieved 91 points, maintaining its four-star result from last year.
On the investment side, Ardstone achieved 4-stars on its core, open-ended fund, ARIF. The fund has a GAV of €1bn and currently comprises 2,500 A-rated units, just under 40% of which are purely social housing, offering inflation-linked income. The remainder of the portfolio targets mid-market rental accommodation. The fund paused on new acquisitions in summer 2022, but Ardstone look forward to growing the portfolio significantly next year as pricing dislocation brings about new deal opportunities.
Source: Press release sent via email on 27.10.2023.