The American private equity company, Lone Star, has established the sale of its Irish real estate enterprise, Quintain, to TPG, a company also based in Texas, for a projected €200 million. The transaction includes Quintain Developments Ireland (QDI) and its estates in Adamstown, Clonburris, and Portmarnock, Dublin. Though the exact financial details remain unpublicised, it is suspected that TPG’s purchase price for the Irish business was in the vicinity of €200 million.
On Thursday, Quintain stated its extensive landholdings could support the creation of over 7,700 homes in prime Dublin locales. Since its inception in 2015, the company has constructed approximately 2,300 homes.
The agreement will result in TPG further investing in the Irish real estate sector to speed up and expand housing construction, according to a company statement. Quintain’s CEO, Michael Hynes, expressed enthusiasm for the partnership with TPG Real Estate. Hynes noted TPG’s belief in Ireland’s housing market and the benefits of their partnership aligning with Quintain’s mission to provide quality, affordable housing.
TPG Real Estate’s Business Unit Partner, James Piper, commented that due to their varied economy and youthful, growing population, Ireland consistently displays strong economic strengths. This situation has led to an ongoing demand for quality new homes, which TPG plans to meet.
QDI was originally established by Hynes and Eddie Byrne, an experienced industry professional. Byrne has since moved on and is currently CEO of Ires Reit, an apartment ownership company listed in Dublin. TPG, co-established by former Ryanair chairman David Bonderman, was known to be interested in Quintain Ireland for several months.