Hines has acquired Scape Dublin, a purpose-built student accommodation (PBSA) asset in Dublin, on behalf of its core-plus fund, Hines European Property Partners (HEPP). The price paid was just under €80m.
The purchase of Scape Dublin sees Hines continue its strategy of building a portfolio of prime PBSA assets in European locations where demand is strong and supply is constrained.
The acquisition follows the announcement by Hines in March this year that HEPP would forward-fund the 260-bed Gas Lane PBSA development in Bristol, UK. In February, the firm’s value-add fund series, Hines European Real Estate Partners (HEREP), committed to fund two large-scale student living projects in Paris that will deliver an additional 1,300 beds once completed.
Scape Dublin, the 298-bed student accommodation facility, which opened in 2020, will be rebranded aparto Dublin Stephen’s Quarter following the acquisition. It will become the firm’s sixth PBSA asset in Dublin and brings the total number of beds managed by its European PBSA management brand aparto to more than 6,700 as of September 2024.
Jorge Duarte, senior managing director and fund manager of HEPP, said: “Building and acquiring purpose-built student living schemes in our preferred markets is a high-conviction investment theme for HEPP and for Hines globally. The number of young people choosing higher education has grown exponentially and the undersupply of purpose-built student housing in cities with great universities like Dublin is well documented, so we are delighted to have secured another asset in a prime location in the city.
“Schemes like this one give us the opportunity to provide the PBSA that Europe desperately needs, while seeking to deliver real value to our investors.”
Aparto Dublin Stephen’s Quarter will join the firm’s portfolio of five existing facilities in Dublin – The Loom on Cork Street, Binary Hub off Thomas Street, Dorset Point on Dorset Street, Beckett House in Summerhill, and Aparto Montrose, adjacent to the University College Dublin.
Located at the intersection of Golden Lane, Aungier Street and Longford Street, the 12,631sqm site comprises 246 single ensuite rooms, 16 twin ensuites and 20 self-contained studios.
German grocer Lidl occupies the majority of the ground floor retail unit, fronting on to Aungier Street and Longford Street. The asset is situated in close proximity to Saint Stephen’s Green and Grafton Street and universities. The facility includes in-house study areas, lounges and communal area, a cinema room, gym, games area and an outdoor garden.
Peter Lynn, managing director at Hines, said: “We are thrilled to acquire this prime operational PBSA building, strategically located in the heart of Dublin city centre and close to the city’s largest third level institutions. This latest acquisition underlines our belief in Dublin’s thriving education sector and the city more broadly as an attractive destination for investment.”
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