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US REAL ESTATE giant Hines has just announced a big move into the Dublin student accommodation market and said it could deliver as many as 1,500 beds in the coming years.
The firm announced today that it has acquired four assets in the centre of Dublin on behalf of a group of German pension funds.
The portfolio has been acquired from ThreeSixty Developments, a student housing developer managed by Oaktree Capital Management.
Hines said that the four assets will deliver around 1,500 new beds for Dublin’s growing student population.
“The Binary Hub, located in the heart of the city, was completed in July 2016 and provides state-of-the-art accommodation across 470 beds,” it said.
“Developments in Dorset Street and Summerhill are due to complete in 2017 and 2018, providing 450 and 400 beds respectively.
“The fourth scheme in the portfolio, a development site on Cork Street, is subject to planning approval and could be delivered by 2019. The projects are intended to be held on a long-term basis once complete.”
The transaction represents Hines’ second major student housing deal in 2016, after it acquired of six development sites across the UK from McLaren Property earlier this year.
Hines said that the expansion into student housing forms a key part of the company’s strategy of moving into different types of assets. The business already has a large portfolio of office, retail, industrial and residential investments.
Alex Knapp, Hines head of student accommodation, said that Ireland “is an exciting growth market”.
He said that the firm is looking at further opportunities to grow its portfolio “both in Ireland, the UK and elsewhere in Europe during 2017”.
Brian Moran, head of Hines Ireland, said that Dublin “is home to four of Ireland’s eight world-ranking universities and has a vibrant, dynamic student population”.
“Demand for high-quality, safe, well-located accommodation is increasing. We expect this to tie in well with our residential development plans.”
Hines, a privately owned global real estate investment firm, was founded in 1957 and has a presence in 192 cities in 20 countries. The company has $93.2 billion of assets under management and is one of the largest real estate businesses in the world.
Hines is one of several developers looking to move into the Irish student accommodation to cater for pent-up demand.
Several months ago Ziggurat, one of the largest student-accommodation companies in the UK, told Fora that it plans to spend hundreds of millions of euro developing new facilities in Ireland while planning permission for a 571-bed student accommodation development in Dublin was granted earlier this week.
Written by Paul O’Donoghue and posted on Fora.ie
Meanwhile 8000 army personnel in barracks with little to do all day…
@Aire Dezamba:
Its a nice thought ? You don’t expect the Army to to police hooligans on public transport Draft all the hooligans into the Army
@Alan Scott: no I am expecting them to get rid of the gangs and drug dealers.
@Aire Dezamba: it’s funny that so many areas there is no money for. Yet every budget , there is over an extra half billion for an already insane welfare spend …
An Garda Siochana have enough to tackle without being involved in the issues involving public transport. Ticket checks by inspectors on Dublin Bus are as rare as they’ve ever been. Anti social behaviour, drug use and dealing and fare evasion are rife on our public transport system and no Minister give a flying fcuk because they don’t use it, unless it’s first class service on Irish Rail. Meanwhile the general public run the gauntlet going about their business and hope they get home from their days work with their belonging in tack and their clothes odour free of smoke. It’s time for a dedicated transport police policy.
@Paul Linehan: I was on the luas going to Broadstone there was a ticket check on the way there and another one on the way back I returned on the red line with no sign of a check on either side.
@Alan Scott: To be fair to the Luas. I’ve seen plenty of ticket checks on both lines and security interventions for anti social issues.
FFS I’ve been saying it for years as it’s been everywhere else in the world for years. Fukin no brainer ideas take generations to be seen as sensible in this country.
@Pip: I’m not aware of any country apart from Britain with a transport police. NYC merged theirs with the NYPD some time ago
So the only alternative is when public service vehicle’s been stoned is to make all of the Communities suffer by pulling the service? You put that against Ministerial cars been stoned you will get a swift reaction from the Garda .Two sets of rules for the same job.
Cosy relationship with the government in the top brass of the Gardaí, any attempt to usurp the elite and offer another force to compare the performance of the Gardaí will obviously be met with reluctance. Charlie Flanagan acting as a mouthpiece for those in charge of the Gardaí. Why does the article not have a quote from the Garda commissioner on this proposal?
@BreadBasketCase: harbor police were disbanded against Garda wishes. Airport police are glorified security and an Garda siochana has repeatedly called for the airport police to become a fully fledged police force.
So really, your talking shite
Flanagan belongs in a retirement home!
Many thanks to all engaging in antisocial behavior on green luas and other posh “specific areas”. Without you this would never have been possible.
CCTV is great but it’s after the fact.
The value of Police presence is worth so much more.
Meanwhile they send 400 Garda to Donbeg,Co.Clare to “protect” Trump!
@F Fitzgerald Ne Reeves: when?
Full of sh*t
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