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).
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 more than 6,700 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 12,631m2 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 asset is situated in close proximity to Saint Stephen’s Green and Grafton Street and leading universities such as TCD, TUD and RCSI. The high-spec facility includes carefully designed in-house study areas, lounges and communal area, a cinema room, gym and games area as well as an outdoor garden.
Peter Lynn, Managing Director at Hines said: “We are thrilled to acquire this prime operational PBSA building, strategically located in the heart of Dublin city centre and close to the City’s largest third level institutions. This latest acquisition underlines our belief in Dublin’s thriving education sector and the city more broadly as an attractive destination for investment.”
The building was designed by JSA Architects (lead) and built by John Paul Construction. The facility was developed and operated by international student accommodation operator, Scape.
The sale transaction was overseen by Andrew Smith of Cushman & Wakefield.
Image provided by FTI Consulting.
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