Decision Looms for Lincoln Scheme
26th Feb 2020
Global Student Accommodation Group (GSA) has acquired five purpose-built student accommodation (PBSA) assets from Harrison Street, in a deal worth EUR 400 million.
The properties represented the first investments under Harrison Street's and GSA's Ireland joint venture, which initially invested EUR 250 million into building high-quality student housing. Once complete, GSA will continue to manage the properties on behalf of its investors.
The portfolio consists of 1,971 beds and includes, Ardcairn House, Kavanagh Court, New Mill, The Tannery, and Broadstone Hall.
The properties have achieved an average 97% occupancy rate, with just Kavanagh Court Phase 2 yet to be delivered.
Commenting on the transaction, Rob Mathias, Senior Managing Director and Head of International Business for Harrison Street, said: "This portfolio transaction is representative of Harrison Street's ability to execute on our strategy of developing high-quality PBSA properties with best-in-class partners in top-tier European university markets backed by favourable demographics. GSA has a deep familiarity with these properties, and we are pleased to build on our strong partnership with them as we continue to identify attractive investment opportunities on behalf of our limited partners."
Meanwhile, Nicholas Porter, Chairman at GSA added: "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. We are delighted with the progress we have made in Dublin through this joint venture, exceeding our business plan targets and further establishing our reputation as a trusted provider. Dublin is one of the world's most prestigious destinations for academic excellence with increasing demand for outstanding student accommodation, and the transaction positions GSA to benefit from positive economic and demographic trends in the city. Our expertise as a world-class accommodation provider positions us ideally for further expansion in Ireland, as we continue to provide the market-leading student experience."
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