Santa Sabina Development Changes Hands
Michael Cotter’s Park Developments has done a forward commit deal with Union Investment on its Santa Sabina scheme. Property sources say Union, a real estate fund based in Germany has agreed to pay between €65 and €70 million for 130 units on the site.
The development is now more than a decade in the making with various planning applications submitted, with the end product being a mixture of homes and apartments on the land in blocks of three to five stories.
Union Investment has been fairly active in the Irish market over the past decade. In 2021, the German fund paid more than €200 million for 435 apartments and a health center which had been developed by Sean Mulryan’s Ballymore at Royal Canal Park and in September did a deal with Glenveagh for 140 apartments at Newtown Garden in Blackrock.
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