Ardstone to acquire Spencer Place Residential development for €177m
The group said the deal marks the highest value residential investment deal in Ireland this year and underscores renewed investor confidence in the sector.
Spencer Place Residential marks the final phase of the Spencer Place campus and includes 360 private units across two buildings, offering build-to-rent apartments and co-living spaces.
The development also includes a 24-hour concierge, gym, cinema, co-working areas and top-floor lounges and is designed to support a "vibrant, sustainable lifestyle" for over 700 residents.
The development was operated by Ronan Group's Libra Living platform, which managed the day-to-day operations of the scheme.
Ronan Group bought the six-acre mixed-use Spencer Place campus in the North Docklands in 2016 and secured the largest pre-let ever achieved in the Irish market, to Salesforce.
The Ronan Group-developed Salesforce Tower Dublin is the greenest Salesforce Tower in the world. Fully electric and certified LEED Platinum, it is one of the first NZEB compliant buildings in Ireland to be occupied by a commercial tenant.
Together with the adjoining Samuel Hotel, developed by Ronan Group and leased to Dalata, Salesforce Tower was purchased by Blackstone in 2022 for over €500m.
Gavin Wyley, Head of Residential Development at Ronan Group, said that Spencer Place Residential is a development that has played a central role in the transformation of Dublin's North Docklands.
"The price achieved reflects the strong fundamentals of Ireland's economy and the improving sentiment in the residential investment market. We expect this momentum to continue into 2026, supported by recent government amendments to rental caps and apartment standards coupled with sustained demand for high-quality urban living," he added.
The Ronan Group also has other projects in the pipeline. Waterfront South Central, its flagship mixed-use development, is currently under on Dublin's North Wall Quay. It will include the European headquarters of Citi, which is due for completion next year.
It is also developing a new urban quarter at the Glass Bottle site in Dublin 4. The site, covering 37 acres on the Poolbeg Peninsula, will comprise over 3,800 new homes alongside more than 1 million square feet of commercial space. 894 apartments are currently under construction and are set to start welcoming their first residents later this year, while planning has been lodged for a 20-storey, 228-key hotel.
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