Greystar acquires student accommodation in Dublin and Galway
Greystar has purchased a 724-bed portfolio of purpose-built student accommodation in Dublin and Galway known as Project Galaxy from EQT Exter.
The portfolio consists of the Mayor's Square development at the IFSC in Dublin (290 beds) and Cúirt na Coiribe in Galway (434 beds), which are located close to the National College of Ireland and the University of Galway, respectively.
The deal marks rental housing investor Greystar's second major investment in student accommodation in Ireland, following its purchase of Point Campus in Dublin last December.
Together, the three properties have more than 1,700 student beds, positioning Greystar as one of the largest purpose-built student accommodation operators in Ireland.
All properties will operate under Greystar's pan-European brand for student and young professional accommodation, Canvas, which has 13,500 beds in seven countries.
“Our growth in Ireland reflects Greystar’s long-term strategy to build scale and quality in key European markets like Ireland," said Claire Solon, managing director for Greystar Ireland.
"The acquisition of Mayor Square and Cúirt na Coiribe represents a step change in our expansion, with the purchase of the latter marking our first investment outside Dublin.
"Together with Point Campus, these assets establish a national platform for student housing in Ireland. We are focused on delivering institutional-quality management and service, supported by our pan-European operational platform.”
Greystar is planning further investments to raise energy ratings at Mayor Square to raise energy ratings and refurbish Cúirt na Coiribe to enhance amenities, upgrade lifts and modernise living spaces.
Cúirt na Coiribe near the University of Galway.
Its other Irish assets include properties at Griffith Woods, Brickfield Square, Dublin Landings and Monkstown.
Photo: Cúirt na Coiribe near the University of Galway.
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