US private equity firm Harrison Street Real Estate Capital has formed a joint venture with Irish developer GSA to invest €250 mln in student homes in Dublin over the next five years.

US private equity firm Harrison Street Real Estate Capital has formed a joint venture with Irish developer GSA to invest €250 mln in student homes in Dublin over the next five years.

The operation marks Chicago-based Harrison's entry into the European market following the launch of its maiden European student housing opportunity fund, which raised €135 mln in equity capital last June.

As part of their new JV, the two partners have already bought the Mill Street student housing development which will serve students of Trinity College Dublin and Royal College of Surgeons, which have about 17,000 and 3,800 students respectively

'Dublin offers a unique opportunity to generate attractive risk adjusted returns for investors similar to those experienced over the past decade in the US,' said co-founder, president and CEO Christopher Merrill.

The Group is one of the largest private equity investors in student housing in the US. Its European fund, Harrison Street European Property Partners I, has a target of €300 mln and will focus on the acquisition and development of student housing properties throughout the UK and Europe.

'The UK and European student housing markets offer a unique opportunity to generate attractive risk adjusted returns for our investors, similar to what we have experienced over the past decade in the US,' said Christopher Merrill, co-founder and CEO of Harrison Street.

The firm has acquired, developed and sold more than 60,000 beds, representing over $4 bn in gross student housing real estate throughout over 80 universities in the US.

Harrison Street Real Estate Capital is a real estate private equity firm founded in 2005 that directly and through its affiliates, has $7.6 bn in assets under management.