The price was not disclosed but it was believed to be close to its €80m guide.
Located at the intersection of Golden Lane, Aungier Street and Longford Street, the 12,631sqm site comprises 246 single en-suite rooms, 16 twin en-suites and 20 self-contained studios.
German grocer Lidl occupies most of the ground floor, fronting onto Aungier Street and Longford Street.
The 298-bed student facility brings the number of the firm’s PBSA assets in Dublin to to six
When it was launched for sale earlier this year, agents Cushman & Wakefield said its attractiveness as an investment included total guaranteed income of €5.2m for the 2024/25 academic year, based on a 51-week lettings agreement with the Royal College of Surgeons Ireland (RCSI) which is less than five minutes’ walk away.
Scape generates a further €625,000 rental income from the Lidl supermarket.
PBSA has been one of the strongest sectors of the commercial property market in the last two years, when rising interest rates and the Ukraine war knocked the confidence of investors in other sectors. In the meantime, demand for student accommodation continued to rise.
Situated close to St Stephen’s Green and Grafton Street, and to universities such as TCD and TUD, the facility includes study areas, lounges and communal area, a cinema room, gym and games area as well as an outdoor garden.
‘Schemes like this give us the opportunity to provide the PBSA that Europe needs’
Hines said it will be rebranded Aparto Dublin St Stephen’s Quarter and the 298-bed student facility brings to six the firm’s PBSA assets in Dublin.
The others are The Loom on Cork Street, Binary Hub off Thomas Street, Dorset Point on Dorset Street, Beckett House in Summerhill and Aparto Montrose adjacent to UCD.
Hines is acquiring the property on behalf of Hines European Property Partners (HEPP), the firm’s core plus fund. It will also bring the firm’s total number of beds managed by its European PBSA management brand Aparto to 6,500 across continental Europe.
It was sold by Scape, a global provider of student accommodation which said the funds would go towards expansion in its other markets in the UK, US and Australia.
Jorge Duarte, senior managing director and fund manager of HEPP said: “Schemes like this give us the opportunity to provide the PBSA that Europe desperately needs, while seeking to deliver real value to our investors.”
