German food discount group Lidl has hired agent CBRE to market two blocks of student accommodation in Dublin in a forward purchase structure.
The scheme, known as North Quarter Student Accommodation, will form part of larger mixed-use development, comprising as its main elements, two connected blocks of student accommodation consisting of 364 bed spaces, a fully-serviced supermarket, office accommodation, retail space and two cafés. The entire scheme has been designed by Darmody Architecture.
CBRE are seeking a guiding price of €46 mln for the student accommodation investment which equates to an average price per bed of €122,000. Upon completion of the development, Lidl will sell to the purchaser both blocks of student accommodation, including ancillary retail space and two cafés.
Emma Courtney, associate director, residential capital markets at CBRE said: 'The student accommodation sector is becoming a particularly attractive area of the commercial real estate market to investors and operators given the supply and demand dynamics which currently exist.'
