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Kelly Bradshaw Dalton reports: German Fund Real IS AG Acquires High-End Dublin Apartments for €35m in Sixth Irish Investment

Real I.S. AG, a German investment entity, has enhanced its Irish property portfolio with the acquisition of a 48-apartment complex in the south Dublin suburb of Mount Merrion. The acquisition, from Pat Crean’s Marlet Property Group, is Real I.S. AG’s sixth foray into Ireland’s residential property market.

Although the agreed price of the transaction remains undisclosed by both parties, The Irish Times has estimated that the sale of the Oatlands Manor apartments garnered around €35 million. This purchase by Real I.S. AG for its open-ended retail real estate fund, REALISINVEST EUROPA, is projected to yield a 3.65 per cent return on investment.

The acquired assets are part of the broader Oatlands Manor residential scheme developed by Marlet Property Group, located in Stillorgan, at the rear of Oatlands College CBS. The property mix includes 30 apartments, 18 duplexes, and 82 car parking spaces, ensuring a desirable offering for potential tenants.

This acquisition comes nearly a year after Real I.S. AG’s previous investment in the Irish market, which saw the fund paying €42 million to the Gem Group for 93 apartments on Dublin’s Malahide Road. The firm’s investment portfolio has grown steadily, with notable purchases including €40 million for 72 high-end homes at the exclusive Knockrabo scheme in south Dublin in January 2022, and around €60 million for more than 100 apartments at Marina Village scheme in Greystones, Co Wicklow, in early 2021.

Commenting on the recent purchase, Axel Schulz, Global Head of Investment Management at Real I.S. AG, reiterated the resilience of residential real estate amid economic downturns. He cited Dublin’s strong population growth and robust economic conditions as compelling reasons for the acquisition of the Oatlands complex, viewing it as an ideal addition to the REALISINVEST EUROPA’s portfolio.

The deal was facilitated by a team of advisors: William Fry and KPMG handled tax and legal matters for Real I.S., while Watts provided technical consulting. Commercial consultancy was provided by Savills and Cortland Consult. The Marlet Property Group was assisted by Ronan Daly Jermyn LLP for legal consultation, and Cushman & Wakefield as a broker.

For additional information, please contact:

Markus Lang Phone: +49 (0)89 489082 220 Fax: +49 (0)89 489082 295 Email:


Birgit Lehmann-Schraut Phone: +49 (0)89 489082 226 Fax: +49 (0)89 489082 295 Email: