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US Real Estate Firm Enters Dublin's Student Market

Posted by Richard Ward in

Image courtesy of Flickr, Creative Commons

The US real estate giant Hines is looking to build up a portfolio of thousands of student beds in Dublin over the coming years.

Brian Moran, head of the company's Irish operations, has suggested there has been a recent cultural shift towards student housing in Ireland.

Hines, which currently manages over $90 billion of assets around the world, announced its intention to move into student accommodation at the end of last year.

The company acquired four assets in Dublin's city centre on behalf of a group of German pension funds, and suggested it could deliver as many as 1,500 student beds by 2019.

The student accommodation will join Hines existing portfolio of office and residential investments in Ireland.

Commenting on the company's decision to enter the student housing market in Dublin, Mr Moran said: "A lot of bedsits got shut down and that has pushed students to try and find alternative accommodation.

"I believe that parents are looking for more purpose-built student accommodation so they know it isn't 10 guys in a bedsit, it's a more controlled environment."

He added: "There is a cultural shift towards having purpose-built accommodation with all the amenities that students want, like gyms."

Moran suggested the company would look to both acquire existing student accommodation and build its own on suitable sites.