Global real estate compan Greystar has completed the purchase of Point Campus in Dublin, the largest off-campus student accommodation complex in the country, from global asset manager DWS Group for about €150m.
Today's deal marks Greystar's first venture into the student accommodation market in Ireland.
The student accommodation centre, which is located in the Dublin Docklands area, comprises 966 bed spaces and is fully occupied. Amenities include a gym, cinema, common room and roof terrace.
The accommodation will be managed by Canvas, the European student platform operated by Greystar with locations in the UK, France, Netherlands and Spain.
Under the terms of the deal, the current team that manages the complex will transfer to Greystar.
Greystar also has schemes at Dublin Landings, Griffith Woods and the newly completed Brickfield Square in Dublin 12 which was recently launched and has units available to lease.
Claire Solon, the Managing Director of Greystar Ireland, said the purchase marked another important milestone for the company in Ireland.
"We are really excited to enter the student accommodation market here. We believe the business is well positioned to benefit from strong ongoing demand from Irish and international students given the under supply of high quality and professionally managed accommodation," Ms Solan said.
"Greystar is an industry leader internationally in the student accommodation sector and we will be drawing on the experience and the expertise that the company has built up to ensure the best residential experience possible for students at Point Campus," she added.
The site was first developed by Michael O'Flynn and global fund manager BlackRock in 2016. When it was purchased by DWS, a subsidiary of Deutsche Bank, in 2020, market sources indicated the purchase price was in the region of €172m.
