Global Student Accommodation has acquired five schemes in Dublin from its joint venture partner Harrison Street, for €400m.
The portfolio comprises 1,971 bedrooms in Adcairn House, Kavanagh Court (phase one and two), New Mill, The Tannery, and Broadstone Hall.
The sites provide accommodation for students at Trinity College Dublin, Royal College of Surgeons in Ireland, TU Dublin Grangegorman, and University College Dublin.
Kavanagh Court phase two is expected to be completed in the first half of 2020, and all other schemes are operational and have an average occupancy of 97%.
GSA will retain the ongoing operations and will continue to work with Harrison Street on a separate jv in Dublin and Cork, consisting of 1,300 bedrooms, with further pipeline opportunities.
Nicholas Porter, chairman at GSA Group, said: “Dublin is one of the world’s most prestigious destinations for academic excellence with increasing demand for outstanding student accommodation, and the transaction positions GSA to benefit from positive economic and demographic trends in the city.”
Rob Mathias, senior managing director and head of international business for Harrison Street, said: “GSA has a deep familiarity with these properties, and we are pleased to build on our strong partnership with them as we continue to identify attractive investment opportunities on behalf of our limited partners.”
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