The Harrison Street Real Estate Capital has partnered up with Global Student Accommodation Group (GSA) to increase its portfolio of Irish student accommodation with a €200 million dealt. The joint venture will add two purpose built student accommodation developments in Dublin and two in Cork.
The new developments will add a total of 1,325 student accommodation beds, increasing the total number of beds delivered under joint venture to 3,200. GSA and Harrison Street have united forces in 2015 to target student accommodation in Ireland.
As part of the newly announced transaction, GSA will be entering the Cork market with two Uninest Student Residences: a 190-bed development close to the entrance of University College Cork on Western Road, which will open in September 2018 and a 413-bed residence on a former Beamish Brewery site in the city centre opening in 2020.
The company will also continue to expand its Dublic portfolio with the 402-bed development adjacent to the Grangegorman campus and the 320-bed development close to GSA’s existing Broadstone Hall property, both opening in time for the new academic year in 2019.
“While Ireland maintains its reputation for having some of the best academic institutions globally, there will continue to be strong demand for high-quality purpose-built student accommodation from both home and international students,” said Nick Richards, GSA’s managing director for the UK and Ireland.
“This is another boost to GSA’s wider European growth strategy and to our presence in Ireland. It has been achieved by working collaboratively with a number of local parties, all of whom are inspired to be creating a new standard of purpose-built student accommodation to the benefit of students and the regeneration of communities,” he added.
Harrison Street is a US-based investment manager investing on behalf of its second European fund, Harrison Street European Property Partners II. The fund focuses on acquisitions and developments in the student accommodation and speciality residential sectors throughout Europe.