Press release – 4 March 2018 – Dublin
- Significant investment sees GSA and Harrison Street Real Estate Capital JV enter the Cork market for the first time
- Brings combined total of 3,200 beds delivered under joint venture
The joint venture between Harrison Street Real Estate Capital (“Harrison Street” or “HSRE”) and Global Student Accommodation Group (“GSA”), today announced a transaction which will add a total of 1,325 student accommodation beds to its Irish portfolio. The transaction, which is worth in excess of 200 million Euros, will add two high quality purpose-built student accommodation developments in Dublin, and two developments in Cork, where GSA will be operating for the first time. The joint venture is investing in projects alongside funds managed by NTM Capital LLP.
GSA and Harrison Street launched a joint venture in 2015 to target student accommodation in Ireland. The joint venture has nearly 1,000 operational beds in Dublin currently, with an additional 900 beds scheduled to open in Dublin for the start of the autumn 2018 academic term. GSA operates the properties under its Uninest Student Residences brand and works closely with local universities to tailor the properties to meet students’ needs and enhance their overall university experience.
As part of the newly announced transaction, GSA will be entering the Cork market with two Uninest Student Residences; a 190-bed development close to the entrance of University College Cork on Western Road, which will open in September 2018; and a 413-bed residence on a former Beamish Brewery site in the city centre opening in 2020. The Beamish project will play a key role in major regeneration works taking place in Cork city centre and will open by 2020. Both residences will bring unrivalled accommodation including laundry, gym, cinema and games room as well as welcoming on-site management services to meet modern students’ demand in the city.
GSA will also continue to expand its Dublin portfolio with two new residences; a 402-bed development adjacent to the Grangegorman campus, just off the North Circular Road; and a 320-bed development close to GSA’s existing Broadstone Hall property, both opening in time for the new academic year in 2019. Each new Uninest Student Residence will feature all the community and student-centred facilities needed to ensure that the university experience is positive and successful.