GSA AND HARRISON STREET JOINT VENTURE ANNOUNCE 200 MILLION EURO DEAL FOR STUDENT ACCOMMODATION IN IRELAND
Press release - 4 March 2018 - Dublin
- Significant investment sees GSA and Harrison Street Real Estate Capital JV enter the Cork market for the first time
- Brings combined total of 3,200 beds delivered under joint venture
The joint venture between Harrison Street Real Estate Capital (“Harrison Street” or “HSRE”) and Global Student Accommodation Group (“GSA”), today announced a transaction which will add a total of 1,325 student accommodation beds to its Irish portfolio. The transaction, which is worth in excess of 200 million Euros, will add two high quality purpose-built student accommodation developments in Dublin, and two developments in Cork, where GSA will be operating for the first time. The joint venture is investing in projects alongside funds managed by NTM Capital LLP.
GSA and Harrison Street launched a joint venture in 2015 to target student accommodation in Ireland. The joint venture has nearly 1,000 operational beds in Dublin currently, with an additional 900 beds scheduled to open in Dublin for the start of the autumn 2018 academic term. GSA operates the properties under its Uninest Student Residences brand and works closely with local universities to tailor the properties to meet students’ needs and enhance their overall university experience.
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 Beamish project will play a key role in major regeneration works taking place in Cork city centre and will open by 2020. Both residences will bring unrivalled accommodation including laundry, gym, cinema and games room as well as welcoming on-site management services to meet modern students’ demand in the city.
GSA will also continue to expand its Dublin portfolio with two new residences; a 402-bed development adjacent to the Grangegorman campus, just off the North Circular Road; and a 320-bed development close to GSA’s existing Broadstone Hall property, both opening in time for the new academic year in 2019.Each new Uninest Student Residence will feature all the community and student-centred facilities needed to ensure that the university experience is positive and successful.
Nick Richards, GSA’s Managing Director for the UK and Irelandsaid: “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. 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.”
Robert Mathias, Senior Managing Director and Head of International at Harrison Streetsaid: , “We are excited to continue our long-standing partnership with GSA and add much-needed, high-quality student accommodation to Dublin and Cork. As one of the largest private investors in student housing, we look forward to bringing our significant resources and experience to bear in the growing and attractive Irish market for the benefit of our partners and investors.”
Harrison Street is currently investing on behalf of its second European fund, Harrison Street European Property Partners II, L.P. The Fund focuses on acquisitions and developments in the student accommodation and speciality residential sectors throughout Europe.
Jenna Greig, Louise Bailey and James Harris, Lucre
+44 (0)208 741 5900
Tabitha Aldrich-Smith, GSA Group:
+44 (0) 7971 919610