US headquartered investor TPG Angelo Gordon has engaged agent CBRE to find a buyer for a large-scale social-housing portfolio. The investment, which comprises a mix of 276 houses and apartments distributed mainly across Dublin and Cork, is understood to have been quietly offered to the market in recent weeks at a guide price of €80 million. The price equates to an average of €289,855 per unit and it is understood that the houses and apartments are all let on long-term leases to the local authorities in their respective areas, offering the prospective buyer secure government-backed income.

News of TPG Angelo Gordon’s move to dispose of its social-housing investment comes just three weeks after ESR Europe and its local partner, Lugus Capital, put the 191 apartments they developed at Burnell Place at Northern Cross in Dublin 17 on the market.

While the €71.8 million guide price for that social housing portfolio equates to a higher average of €375,916 per unit, the apartments in Burnell Place are newly developed, and as such, carry a highly sustainable nZEB (Nearly Zero Energy Building) rating. The portfolio is fully let to Tuath Housing Association, which is an approved housing body (AHB), on a 25-year lease from September 2023 with uncapped index-linked rent reviews and low operations costs due to the nature of the lease structure.

TPG Angelo Gordon’s latest sale follows its disposal in February last year of 104 existing and stabilised apartments built by Cairn Homes at Shackleton in Lucan in west Dublin. The transaction saw TPG and its local partner, Carysfort Capital secure a total of €42 million.