TPG Real Estate has acquired Quintain’s Ireland business from Lone Star for an undisclosed price.
Lone Star put the businessup for sale in March this year and was reportedly seeking offers in excess of €200m.
Quintain Developments Ireland (QDI) has delivered more than 2,300 homes in Ireland since its launch in 2015 and it has a total land bank capable of accommodating more than 7,700 residential units across prime locations in the greater Dublin area.
TPG said the deal would provide QDI with the additional capital and resources to “support the next stage of the company’s growth and evolution as it seeks to accelerate and expand its housing delivery”.
Michael Hynes, chief executive officer of QDI, said: “We 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’s 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.”
James Piper, business unit partner with TPG Real Estate, added: “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.”