Global Student Accommodation Group (GSA) has agreed a €400m deal to buy five student accommodation properties in Ireland from joint venture partner Harrison Street.
GSA said the acquired purpose-built student accommodation properties comprise 1,971-beds and include Ardcairn House, Kavanagh Court (two phases), New Mill, The Tannery, and Broadstone Hall.
The portfolio has an average 97% occupancy rate and all properties have been delivered to date with the exception of Kavanagh Court Phase II, which is expected to be completed in the first half of 2020.
GSA will retain the ongoing operations and investment management of the five properties, while maintaining long-term strategic control of this key portfolio on behalf of its investors.
GSA said it will also continue to partner with Harrison Street across Ireland and other top-tier European markets, including a separate joint venture across Dublin and Cork consisting of 1,300 beds with an additional further pipeline of opportunities.
Nicholas Porter, chairman at GSA Group, said the deal underpins GSA’s global growth strategy and its plans for expansion in the region, helping to generate increased opportunity and value for its investors and partners.
“We are delighted with the progress we have made in Dublin through this joint venture, exceeding our business plan targets and further establishing our reputation as a trusted provider.
“Dublin is one of the world’s most prestigious destinations for academic excellence with increasing demand for outstanding student accommodation, and the transaction positions GSA to benefit from positive economic and demographic trends in the city,” Porter said.
Rob Mathias, senior managing director and head of international business for Harrison Street, said: “This portfolio transaction is representative of Harrison Street’s ability to execute on our strategy of developing high-quality purpose-built student accommodation properties with best-in-class partners in top-tier European university markets backed by favourable demographics.
“GSA has a deep familiarity with these properties, and we are pleased to build on our strong partnership with them as we continue to identify attractive investment opportunities on behalf of our limited partners.”
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