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AIG Global Real Estate Forward Purchase Dublin Scheme

Posted by Richard Ward in

Image courtesy of Flickr, Creative Commons

AIG Global Real Estate is eyeing up additional investments in Dublin's student accommodation sector after it completed a forward purchase for Lidl Ireland's North Quarter scheme in Ballymun.

The company's head of UK and Ireland residential acquisitions, Naveen Patha, cited the acute gap between supply and demand in Dublin's student accommodation market as a reason for the purchase.

He added: "We are investigating the potential for building new projects in this great city, which will add to our existing 2,500-bed student housing portfolio located throughout Sheffield, Leeds, Southampton, Cardiff, Bournemouth, and Coventry."

AIG has purchased the North Quarter scheme for a figure in excess of EUR 46m. The development consists of 364 student bedrooms split across two buildings, along with ancillary retail space and two cafes.

North Quarter is located just off the main street on Balcurris Road in Ballymun, which is around 1.4km from Dublin City University's main campus and 1.2km from the sports grounds of Trinity College Dublin.

The development is due for completion in 2020 and forms part of the wider North Quarter development, which once complete, will incorporate a separate Lidl supermarket, office accommodation, retail space and cafes.