Hines has made its Irish student-housing debut, buying four assets in Dublin.
The investment manager said the assets in the centre of the Irish capital were bought for a group of German pension funds.
The deal is Ireland’s largest ever in the sector, according to advisory firm JLL.
Brian Moran, Hines’ senior managing director and head of Ireland, said: “Dublin is home to four of Ireland’s eight world-ranking universities and has a vibrant, dynamic student population.
“Demand for high-quality, safe, well-located accommodation is increasing. We are very happy to be a part of solving Dublin’s housing-supply issues by taking over this platform and expect it to tie in well with our residential development plans.”
The portfolio includes one operational asset and three schemes in various stages of development.
ThreeSixty Developments and Oaktree Capital sold the portfolio, which will deliver around 1,500 new beds for Dublin’s growing student population.
The transaction follows Oaktree’s sale to GIC, Singapore’s sovereign wealth fund, of its operating platform, the Student Housing Company and its 7,100-bed UK portfolio in September.
Justin Bickle, managing director at Oaktree, said: “We first identified the opportunity in Irish student housing five years ago, and, since then, we have worked closely with ThreeSixty to deliver a market-leading portfolio of Irish student-housing schemes in Dublin.”