Gold bricks: US fund snaps up Dublin property portfolio

The 27 properties have a total of 214 apartments and three retail units.

The apartments include a range of studio, one- and two-bedroom units in refurbished period properties, which are spread across the capital but all close to the city centre, in areas such as Clontarf, Rathmines, Rathgar, Ranelagh and the South Circular Road.

The properties were put up for sale earlier this year in a lot called Project Circle, with a guide price of €46m.

They are generating a gross initial yield of 7.2pc.

When the portfolio was put up for sale by Savills, the agency said the collection was fully let and generating a gross rent roll of €3.49m per annum. The selling agent said the apartments were rented to a "sustainable and professional tenant base".

"Dublin has changed immeasurably in the last decade and attracts a wide range of international businesses and young professionals alike," said Tony Smedley, Heitman managing director and head of European private equity.

"Being such an important growth city in Europe, we are delighted to add these residential assets to our portfolio. This living sector portfolio further diversifies our strategy and stands to benefit from the combination of limited residential deliveries in the market, and continued demand for housing in Dublin," he said.

Heitman has about $44bn (€39bn) in assets under management.

Its real estate investment strategies include direct investments in the equity or debt capitalisation of a property, or in the securities of listed and publicly traded real estate companies.