Major investment funds sitting on huge cash piles are emerging as a force in the Irish land development market, as low-key and off-market multi-million euro deals transact during these pandemic months.
A number of key Cork sites are currently transacting to a cross-section of buyer profiles in locations like Blackrock Road, Ballyvolane and outer Douglas.
The most recent Munster example of funds’ activity in amassing land holdings is at Stoneview. A company called Elkstone Partners has emerged as the successful buyer of 105 acres of land, paying 50% over the initial €4.6m price guide to sew it up.
It’s understood that funds’ strategy will be to partner with local builder/developer entities, as many Irish developers relying on bank financing or other even dearer sources cannot compete with funds who’ve access to unlimited funds at near-zero interest rates, for medium to long-term development plays.
Read full article: IrishExaminer.com