Invesco Enters Dublin Market

Invesco, the global investment manager, is to invest EUR 47m into purpose-built student accommodation in Ireland on behalf of a German institutional investor.

Invesco has purchased The Brickworks development in Dublin, with Bain Capital Credit selling the forward-funded project.

The site is located close to the universities and will contain 267 student bedrooms.

Commenting on the deal, Alicia Edgar, associate director for transactions at Invesco, said the acquisition "further grows our operational real estate programme in Europe, which is now at EUR 1.8bn, and enables us to diversify into both student housing and the Irish market."

She added: "Dublin is the largest student destination in Ireland, and specifically for international students looking to study in Europe."

"With a significant undersupply of student beds, supportive demographics and a resurgent economy in Dublin, the investment offers an attractive opportunity to enter this market."

Invesco will work with its operating partner Fresh Student Living to manage the accommodation.