ESR Europe, the European platform of ESR Group, has sold Project Olivia, a 270,000 sq ft private rented sector residential development, to Clúid Housing, a leading Irish social housing provider, for €159.7m (£134m).
Project Olivia is an investment held by ESR Europe Active Real Estate Fund IV, a discretionary value-add fund series targeting Western Europe that utilises a thematic, strategy-led investment approach.
It comprises 328 homes alongside four commercial units in Tallaght, the largest urban centre in Ireland outside of Dublin. The consented development site was acquired in March 2022, with construction commencing immediately. The project achieved practical completion in November 2024.
Alex Ray, managing director at ESR Europe, said: “The practical completion of Project Olivia marks the conclusion of the capex program for Active Real Estate Fund IV’s three Irish projects, which include a hotel and two residential developments. All three schemes were delivered under budget and ahead of schedule.”
The sale reflects ESR Europe’s disciplined approach to asset management and development, demonstrating its ability to unlock value and return capital to investors with compelling risk-adjusted returns.
ESR Europe continues to expand its presence across Europe, delivering projects that generate consistent returns while maintaining its focus on excellence and sustainability.
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