US developer Hines has launched a new student housing platform for the UK and Ireland as part of its push into these markets.
Operating under the name Aparto, the platform will serve as the ‘consumer face’ for Hines’ portfolio of student accommodation developments, which now comprises 12 developments with a GDV of over £500 mln (€587 mln), the company said.
Alex Knapp, managing director of Hines UK, said: ‘The fundamentals of the UK and Irish student housing markets are very strong, with a growing population compelled by the strength and reputation of our Universities. The launch of Aparto represents a major milestone for Hines and shows our commitment to the sector.’
Lars Huber, CEO of Hines Europe, noted: ‘Hines Europe is very committed to the student housing sector, with firm plans to expand this strategy from UK and Ireland today to other markets across Europe in the future.’
The launch of the new platform coincides with the acquisition of one asset and two further developments, comprising more than 1,000 bed spaces.
Schemes under way In Ireland, Hines has just completed the acquisition of the Montrose student housing development, adjacent to the country’s largest university, University College Dublin. The 205-bed scheme has been acquired from Ziggurat for €37.6 mln following its redevelopment.
In the UK, Hines has recently acquired two development sites in Lancaster and Exeter. Planning consent has just been secured for a 632-bed development in Lancaster, incorporating a range of shared facilities including a roof level lounge, library, gym and cinema space, with the facilities transforming the scheme as an attractive off-hub campus for students. Construction work is expected to start in summer 2017, completing in time for the new academic year in 2019.
The firm has also acquired a site adjacent to the University of Exeter, in the heart of the city’s student quarter. Hines expects to submit a planning application later this year for a new development. Upon receiving planning consent, Hines aim to complete works in time for the new academic year in 2019.
Focus on Dublin
In December 2016 Hines and its investor partners entered the Ireland student housing market with the acquisition of a major portfolio from ThreeSixty Developments. This transaction comprised four prime sites in Dublin which will deliver a combined 1,500 new beds for the city’s growing student population.
The Binary Hub, in the south inner city, which was acquired as part of the ThreeSixty Developments portfolio, was completed in 2016, and along with the new Montrose acquisition, will be the first developments to carry the Aparto branding.
The other development sites across the UK and Ireland will deliver a total of over 3,600 beds (2,000 in the UK and 1,600 in Ireland) and will be delivered between 2017 and 2019, with the Aparto branding eventually rolled out across all sites.
