TPG Real Estate, the property platform of global alternative asset management firm TPG, has bought what it calls Ireland's largest privately owned residential developer, Quintain Developments Ireland, from Lone Star.
The private equity fund put the business up for sale in March, seeking in excess of €200 million (£171 million, $220.6 million). The company handles all stages of housing delivery and has a land bank capable of housing 7,700 residential units in the greater Dublin area.
Those behind the deal say the partnership will give QDI "additional capital and resources to support the next stage of the company’s growth and evolution" as it looks to accelerate and expand its housing completions.
They added that the transaction includes existing sites and ongoing projects in Adamstown, Clonburris, both to the west of the capital and Portmarnock, on the coast to the north. Financial details of the transaction were not disclosed.
Since 2015, the QDI management team has built more than 2,300 homes, significantly contributing to the development of neighbourhoods across Dublin.
The deal follow's TPG Real Estate's takeover of Intervest, a leading logistics platform in Belgium, the Netherlands and Luxembourg, earlier this year, and the launch of its joint venture with Gatehouse Bank in 2021 to develop new-build single family homes for private rental across the UK.
James Piper, business unit partner at TPG Real Estate, said in a statement: "Ireland continues to benefit from strong fundamentals, driven by a diverse economy and young, growing population, which has created continued demand for quality new homes.
"QDI is an experienced, fully integrated homebuilder that is uniquely positioned to address this dynamic across the country. We look forward to working with QDI’s talented management team to continue delivering modern, high-quality homes for communities and families."