TPG Real Estate has acquired Quintain Developments Ireland (QDI) from US private equity firm Lone Star.
The financial details of the deal have not been disclosed, but reports suggest that TPG鈥檚 dedicated real estate platform was on track to pay 鈧�200m for Ireland鈥檚 largest privately owned residential development company.
TPG said the deal will provide QDI with additional capital and resources 鈥渢o support the next stage of the company鈥檚 growth and evolution as it seeks to accelerate and expand its housing delivery鈥�. The transaction includes existing sites and ongoing projects in Adamstown, Clonburris and Portmarnock.
Michael Hynes, CEO of QDI, said: 鈥淲e are excited to partner with TPG Real Estate, who recognise the quality of our platform and the value of working closely together as we continue to deliver on our ambition to create exceptional and affordable places to live. TPG shares our conviction in Ireland鈥檚 residential market, and we believe their experience will be critical as we work to support and facilitate a high-quality standard of living for homeowners in Ireland.鈥�
QDI has a landbank capable of accommodating 7,700 residential units in prime locations in the greater Dublin area. The team operates across all stages of housing delivery, including master planning, design, construction, and sales and marketing. Since 2015, the QDI management team has delivered more than 2,300 homes, the developer said.
James Piper, business unit partner at TPG Real Estate, said: 鈥淚reland 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鈥檚 talented management team to continue delivering modern, high-quality homes for communities and families.鈥�
As previously reported by IPE, TPG Real Estate partnered with the team at Intervest, a leading logistics platform in the Benelux region.
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