Bain Capital Sells Newmarket Yards Mixed-Use Real Estate Development in Dublin City Center
DUBLIN — Bain Capital announced April 22 the sale of Newmarket Yards, a fully leased mixed-use real estate development in Dublin's city center comprising 413 purpose-built rental apartments, ground-floor commercial space, and an extensive amenity package. Financial terms of the transaction were not disclosed.
The development, completed in 2024, was delivered in partnership with Carrowmore Property. A 151-key hospitality component — pre-leased to Whitbread plc, trading as Premier Inn — was sold separately in 2023 and is not part of the current transaction.
Dublin Mixed-Use Real Estate Development Reaches Full Occupancy
Newmarket Yards is situated within walking distance of Dublin's central business district and key cultural landmarks, offering strong connectivity to major employment hubs. The development includes co-working spaces, wellness facilities, rooftop terraces, and community areas designed to serve a wide range of resident lifestyles.
Following its 2024 completion, the project reached full occupancy in a relatively short period, according to Bain Capital, supported by strong demand for centrally located rental housing in one of Dublin's most supply-constrained neighborhoods.
The building achieved BREEAM "Excellent" certification and an A-rated energy standard, incorporating energy-efficient systems, low-carbon construction materials, and design features aimed at reducing operational impact while enhancing resident experience.
Bain Capital's Europe Real Estate Strategy
The Newmarket Yards disposition forms part of Bain Capital's Europe Real Estate strategy, which targets development and repositioning of assets across the living, logistics, hospitality, and digital infrastructure sectors in markets where demand remains strong and supply is constrained. The firm manages approximately $225 billion in assets under management across its global platform and operates from 24 offices on four continents.
"This transaction highlights our ability to deliver large-scale residential developments through close partnership and disciplined execution," said David Cullen, a Partner at Bain Capital. "Newmarket Yards reflects a focus on quality, sustainability, and design, alongside a strong understanding of local demand."
"Newmarket Yards demonstrates the strength of our residential platform in Europe," said John Kane, an Executive Vice President in Bain Capital's Portfolio Group. "From initial development through leasing and delivery, this project reflects a hands-on approach to creating high-quality assets that are built to perform over the long term."
Transaction Details and Parties
Bain Capital served as the lead sponsor on the transaction, with Carrowmore Property acting as development manager. The buyer was not identified in the announcement. Financial terms, including sale price, price per unit, and capitalization rate, were not disclosed.
The exit follows a multi-year investment cycle that progressed from ground-up development through full lease-up. Founded in 1984, Bain Capital is a global private investment firm with more than 1,900 employees. Its global platform invests across Private Equity, Growth & Venture, Capital Solutions, Credit & Capital Markets, and Real Assets.