TPG Real Estate, the dedicated real estate platform of global alternative asset management firm TPG, today announced it partnered with company management to acquire Quintain Developments Ireland (“QDI”), the largest, privately owned residential developer in Ireland. QDI was previously owned by funds managed by Lone Star.
The partnership with TPG Real Estate provides QDI 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. The transaction includes existing sites and ongoing projects in Adamstown, Clonburris, and Portmarnock. Financial details of the transaction were not disclosed.
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.”
QDI is a leading, large-scale developer with a total landbank that can accommodate more than 7,700 residential units across 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. QDI focuses on building innovative, sustainable communities that are strategically located near transport, retail and leisure amenities, and employment hubs. Since 2015, the QDI management team has delivered more than 2,300 homes, significantly contributing to the development of neighbourhoods across Dublin.
James Piper, Business Unit Partner with TPG Real Estate, said: “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.”
The investment in QDI reflects TPG Real Estate’s history of partnering with great management teams to support and grow market-leading platforms. Recently, TPG Real Estate partnered with the team at Intervest, a leading logistics platform in the Benelux region. TPG Real Estate also has a strong track record of investment in residential assets. In 2021, the team launched a joint venture with Gatehouse Bank PLC to deliver high-quality, new-build single family homes for private rental across the UK.