Australian Industry Superannuation Fund HESTA Enters Europe’s Real Estate

Australian industry superannuation fund HESTA has made its first investment in Europe’s living sector through a build-to-rent (BTR) partnership in Ireland with Nuveen Real Estate and Eagle Street Partners. Nuveen said it has teamed up with HESTA and Eagle Street to buy a site at Castleforbes Business Park in Dublin from Glenveagh Properties for a $500m (€432m) BTR development. The site located in the city’s North Docklands – will be used for the development of up to 702 homes which is expected to complete in 2024. The acquisition is Nuveen Real Estate’s first build to rent investment in Dublin as the investment manager seeks to increase its portfolio of living assets across Europe. Pan-European real estate investment and asset manager Eagle Street will manage the asset as part of its Resident Space operating platform.