Commerz Real has acquired a fully let €22.35m residential complex in Ireland on behalf of its open-ended European student and micro-apartments fund from Iveragh Group.
The manager has acquired the Swuite Dublin residential complex for the Commerz Real Institutional Smart Living Fund.
Following its acquisition from Iveragh, which built the property in 2018, the complex will be operated by student apartment specialist Mezzino and subsequently rebranded to Grangegorman House.
Nicole Arnold, member of the board of Commerz Real, said: “We are very pleased to have secured this attractive property with upside potential for our investors. The residential complex comprises 128 beds in 123 rooms across five floors.
“Each room has a private bathroom, and six to eight rooms share a communal kitchen. The gross rental area of approximately 4,000sqm also includes common areas such as a lounge, study room, and a café.”
To read the latest IPE Real Assets magazine click here.
