Bain Capital has sold the Brickworks in Dublin for €47m (£38.7m) to Invesco Real Estate.
The purpose-built student accommodation scheme is expected to complete in July 2019 and will provide 276 student rooms.
Cushman & Wakefield acted for Invesco. The deal was the first for C&W’S pan-European student accommodation investment and advisory team.
European student accommodation transactions rose by 29% year-on-year to €13.6bn in 2017, driven by rising demand for global higher education and institutional capital targeting the sector, according to C&W data.
Alicia Edgar, associate director at Invesco, said: “Dublin is the largest student destination in Ireland, and specifically for international students looking to study in Europe.
“With a significant undersupply of student beds, supportive demographics and a resurgent economy in Dublin, the investment offers an attractive opportunity to enter this market.”
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