Mace Sells Student Schemes
25th Feb 2021
In signs that the global pandemic is impacting student assets, the owner of Ireland's largest off-campus accommodation has marked its value down by 6%.
Deutsche Bank subsidiary DWS paid EUR 142.26 million for the Point Campus scheme in December 2019 and has now ascribed a net value of EUR 134.61 million to the property.
The lower valuation was recorded as part of the asset's sale to one of the groups own funds.
Commenting on the valuation, a spokesperson for DWS said: "We regularly value our assets on a mark-to-market basis, and despite valuations across the entire student housing sector being impacted in the short term by the current global pandemic, we are confident that the mid-to long-term outlook for student housing in Ireland remains strong."
The scheme contains a total of 966 beds and comes equipped with a gym, cinema, common room and roof terrace.
