Crosslane Property Group has agreed to sell its first purpose-built student accommodation development in Ireland to alternative asset manager The Carlyle Group.
Financial terms of the transaction were not disclosed.
Crosslane will continue to act as development manager for The Carlyle Group to oversee construction of the new scheme to ensure it is completed on time and to budget ahead of the 2019/2020 academic year.
The Carman’s Hall development in Dublin comprises of three residential buildings of between three and six storeys, with a total gross internal floor area of 6,607 m2. On completion it will provide 207 student beds.
Jon Stewart, director of Crosslane said: 'We are pleased to have completed the sale to The Carlyle Group of Carman’s Hall, Crosslane’s first student housing development in Ireland, where we are targeting 3,000 beds in the country over the next three years, helping to ease the chronic supply/demand imbalances. The site, which was acquired by Crosslane in May, has undergone demolition and clearance work and construction commenced on the new development in August.'
