Hines acquires 1,500 student housing beds from Oaktree
Four buildings are located in city centre, Dorset Street, Summerhill and Cork Street
Developments in Dorset Street (pictured) and Summerhill are due to complete in 2017 and 2018, providing 450 and 400 beds respectively.
US real estate giant Hines 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 Texan based property group also said it is looking at opportunities to grow its portfolio in Ireland in 2017.
The portfolio, which includes one operational asset and three schemes in various stages of development, has been acquired from ThreeSixty Developments, a student housing developer and portfolio company of funds managed by Oaktree Capital Management.
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 accommodation across 470 beds. Developments in Dorset Street and Summerhill are due for completion 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. The projects are intended to be held on a long-term basis once complete.
In a statement, Hines said the expansion forms a key part of its strategy of diversifying into new asset classes to build on its existing, established portfolio of office, retail, industrial and residential investments.
Alex Knapp, Hines managing director responsible for student accommodation said: “Ireland is an exciting growth market and we are pleased to have expanded our platform through this acquisition. We are already looking at further opportunities to growing our portfolio both in Ireland, the UK and elsewhere in Europe during 2017.”