Hines, the international real estate firm, has expanded its student housing platform from the UK to Ireland with the acquisition of four prime assets in the centre of Dublin on behalf of a group of German pension funds.
The portfolio, which includes one operational asset and three schemes in various stages of development, has been acquired from ThreeSixty Developments, a leading student housing developer and portfolio company of funds managed by Oaktree.
The combined four assets will deliver around 1,500 new beds for Dublin’s growing student population:
- The Binary Hub, located in the heart of the city, was completed in July 2016 and provides state-of-the-art accommodation across 470 beds.
- Developments in Dorset Street and Summerhill are due to complete in 2017 and 2018, providing 450 and 400 beds respectively.
- The fourth scheme in the portfolio, a development site on Cork Street, is subject to planning approval and could be delivered by 2019.
Brian Moran, senior managing director and Head of Hines Ireland, said: “Dublin is home to four of Ireland’s eight world-ranking Universities and has a vibrant, dynamic student population. Demand for high-quality, safe, well-located accommodation is increasing.”
Savills acted for Hines and JLL represented ThreeSixty/Oaktree on this transaction.
