GSA has bought a portfolio of student accommodation assets in Dublin in a deal worth €400m.
The group has bought five buildings, which contain a combined 1,971 beds, in the city from its joint venture partner Harrison Street.
The portfolio, which comprises buildings (Ardcairn House, Kavanagh Court, New Mill, The Tannery, and Broadstone Hall), has an average occupancy rate of 97%.
GSA will continue to manage the assets and plans to keep working with Harrison Street in European markets. This will include a seperate JV in Dublin and Cork which has 1,300 student beds.
“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,” said GSA Group chairman Nicholas Porter.
“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.
Rob Mathias, senior managing director and head of international business for Harrison Street added: “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.”