US private equity firm Carlyle Group is buying a 207-bed student accommodation development scheme in Ireland from Crosslane Property Group.

The $210bn (€184.92bn) asset manager has agreed to buy the purpose-built project on Carman’s Hall in Dublin from Crosslane Student Developments for an undisclosed sum.

Crosslane will continue to act as development manager to oversee construction which is expected to be completed ahead of the 2019/2020 academic year.

The Carman’s Hall development comprises of three residential buildings of between three and six storeys.

Jon Stewart, Director, Crosslane Student Developments, said: “Thanks to its growing economy, Ireland continues to attract increasing numbers of students, both locally and internationally, and Crosslane continues to strengthen its identified pipeline within Ireland and across the UK, and will further expand in key university cities and towns where strong demand/supply fundamentals persist.”

Crosslane acquired the site in May.