US privately-held developer-investor Hines has acquired ‘Scape Dublin’, a purpose-built student accommodation (PBSA) asset located in the heart of Dublin 2 on behalf of the firm’s Core Plus fund, Hines European Property Partners (HEPP).
The acquisition follows the announcement by Hines in March this year that HEPP would forward-fund the 260-bed ‘Gas Lane’ development in Bristol, UK. While in February the firm’s value fund series, Hines European Real Estate Partners (HEREP) committed to fund two large scale student living projects in Paris that plans to 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 over 6,700 across Europe 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 12,631 m2 site comprises 246 single en-suite rooms, 16 twin ensuites and 20 self-contained studios. German grocer Lidl occupies the majority of the ground floor retail, fronting on to Aungier Street and Longford Street.
The facility was developed and operated by international student accommodation operator, Scape.
The sale transaction was overseen by Andrew Smith of Cushman & Wakefield.
