Hines has acquired the Scape Dublin purpose-built student accommodation (PBSA) scheme on behalf of the firm’s core plus fund, Hines European Property Partners (HEPP), for an undisclosed price.
The 12,631 sq m site comprises 246 single en-suite rooms, 16 twin ensuites and 20 self-contained studios. Lidl occupies the majority of the ground floor retail and the on-site amenity provision includes lounges, a cinema room, a gym and games area and an outdoor garden.
The building, which opened in 2020, was designed by JSA Architects and developed and operated by Scape. Following the acquisition, it will be rebranded aparto Dublin Stephen’s Quarter.
Jorge Duarte, senior managing director and fund manager of HEPP, said: “Building and acquiring purpose-built student living schemes in our preferred markets is a high-conviction investment theme for HEPP and for Hines globally. The number of young people choosing higher education has grown exponentially and the undersupply of purpose-built student housing in cities with great universities like Dublin is well documented, so we are delighted to have secured another asset in a prime location in the city.
“Schemes like this one give us the opportunity to provide the PBSA that Europe desperately needs, while seeking to deliver real value to our investors.”
Peter Lynn, managing director of Hines, added: “We are thrilled to acquire this prime operational PBSA building, strategically located in the heart of Dublin city centre and close to the city’s largest third level institutions. This latest acquisition underlines our belief in Dublin’s thriving education sector and the city more broadly as an attractive destination for investment.”
The sale was overseen by Cushman & Wakefield.
