A joint venture of Chicago-based Harrison Street Real Estate Capital and Global Student Accommodation Group (GSA) has agreed to acquire four assets providing a total of 1,325 student accommodation beds in Ireland for over €200 mln.
The transaction encompasses two high quality purpose-built student accommodation developments in Dublin, and two developments in Cork, where GSA will be operating for the first time.
The joint venture is investing in the projects alongside funds managed by private equity firm NTM Capital.
GSA and Harrison Street launched a joint venture in 2015 to target student accommodation in Ireland. The joint venture has nearly 1,000 operational beds in Dublin currently, with an additional 900 beds scheduled to open in Dublin for the start of the autumn 2018 academic term.
As part of the newly announced transaction, GSA will be entering the Cork market with two Uninest Student Residences; a 190-bed development close to the entrance of University College Cork on Western Road, which will open in September 2018; and a 413-bed residence on a former Beamish Brewery site in the city centre opening in 2020.
GSA will also continue to expand its Dublin portfolio with two new residences; a 402-bed development adjacent to the Grangegorman campus, just off the North Circular Road; and a 320-bed development close to GSA’s existing Broadstone Hall property, both opening in time for the new academic year in 2019.
Nick Richards, GSA’s managing director for the UK and Ireland said: 'While Ireland maintains its reputation for having some of the best academic institutions globally, there will continue to be strong demand for high quality purpose-built student accommodation from both home and international students. This is another boost to GSA’s wider European growth strategy and to our presence in Ireland.'
Robert Mathias, senior managing director and head of International at Harrison Street, said: 'As one of the largest private investors in student housing, we look forward to bringing our significant resources and experience to bear in the growing and attractive Irish market for the benefit of our partners and investors.'
Harrison Street is currently investing on behalf of its second European fund, Harrison Street European Property Partners II. The Fund focuses on acquisitions and developments in the student accommodation and specialty residential sectors throughout Europe.
