International student accommodation group purchases five Dublin properties
The properties serve students at a number of universities including Trinity College
Global Student Accommodation Group (GSA), which provides student housing in eight countries around the world, has acquired five purpose-build lodgings in Dublin.
GSA purchased the buildings from its joint venture partner, Harrison Street, in a deal worth €400m.
The properties are made up of 1,971-beds, all of which primarily serve students at Trinity College, Royal College of Surgeons in Ireland, TU Dublin Grangegorman, and UCD.
The accommodation includes Ardcairn House, Kavanagh Court New Mill, The Tannery, and Broadstone Hall.
The portfolio has an average 97pc occupancy rate and all properties have been delivered to date with the exception of Kavanagh Court Phase II, which is expected to be completed in the first half of this year.
Nicholas Porter, chairman at GSA Group, said: “This transaction underpins GSA’s global growth strategy and our plans for expansion in the region, helping to generate increased opportunity and value for our investors and partners.”
The group said it will continue to partner with Harrison Street across Ireland and other European markets, including engaging in a separate joint venture in Dublin and Cork consisting of around 1,300 beds.
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