Press Release - 9th March 2016 - Chicago and Dublin
High-Quality Accommodation Planned for Former IDA Site on Gardiner Street in Dublin
 |
Gardiner Street, DublinThe joint venture between Global Student Accommodation Group (GSA) and Harrison Street Real Estate Capital (Harrison Street) announced plans to create Dublin’s largest accommodation for almost 500 students after acquiring the former IDA site at Gardiner Street, Dublin 1. |
The joint venture will invest a total of €60 million in the site to create a seven-storey building housing student flats, all with ensuite bathrooms.
Tim Mitchell, CEO of GSA Europe said: “This development is the latest phase in GSA and Harrison Street’s commitment to invest €250 million in student accommodation in Dublin to provide much-needed homes and new accommodation choices for students studying in the city. We believe that this will be a real catalyst to the redevelopment of the Gardiner Street area.
“GSA is committed to building and developing high quality housing for today’s hard-working students by providing everything they need to forge a real sense of community within their living spaces.”
Christopher Merrill, co-founder, president and CEO of Harrison Street, said, “We are pleased to continue our partnership with GSA to develop high-quality student accommodation in the underserved Dublin market. Harrison Street’s significant experience investing in student housing in the United States will continue to benefit our partners and investors as we seek to capitalize on this attractive opportunity in Europe.”
The site, within close walking distance of Trinity College and Dublin Institute of Technology, is expected to be popular with students looking for high-quality homes close to Dublin’s centres of learning. As Dublin’s tram system expansion comes online, Gardiner Street will witness improved links across the city, with a stop less than 2 minute walk from the new student building.
The site has already been granted planning permission and the seven-storey building will house 491 beds, arranged as flats with ensuite bathrooms. The upper storeys will have spectacular views across the city and the scheme will offer cafe facilities on the ground floor. Carrowmore Property will be responsible for the construction and delivery of the project, which will be ready for the September 2017 student intake.
In December last year GSA and Chicago-based real estate private equity firm Harrison Street announced an agreement to invest €250 million in student accommodation in Dublin over the next five years.
At the same time they revealed plans for the first development of the joint venture, a 400-bedroom development in Mill Street, Dublin 8 – along with shops, a restaurant and office space for local businesses.
Ends
For GSA media enquiries please contact: Tabitha Aldrich-Smith:
GSA Group:
+44 (0) 7971 919610 taldrichsmith@gsa-gp.com
For Harrison Street media enquiries please contact: Jonathan Gasthalter/Jacob Crows: Sard Verbinnen & Co: 312-895-4700
About GSA Group
GSA created the Student Accommodation Sector. The GSA management team, lead by its founder Nicholas Porter, has been pioneering the purpose built student accommodation industry for nearly 25 years.
The have brought more than $3 billion of global finance into the sector, creating communities and spaces for students to grow and industry standards such as end-user research, university guarantees and partnerships, standard operating processes, space saving room layouts, online bookings, student integration and customer service levels.
Nicholas Porter previously founded London and Australia’s Urbanest student accommodation brand and also The UNITE Group plc which he grew to become a FTSE 250 company. The UK asset class attracts global investment and is now estimated to be worth over $30 billion.
GSA has nine offices around the world in Dublin, Bristol, London, Frankfurt, Dubai, Hong Kong, Beijing, Tokyo and Sydney.
About Harrison Street
Harrison Street is a real estate private equity firm founded in 2005 by real estate veteran Christopher Merrill, Chris Galvin (former Chairman & CEO of Motorola) & Mike Galvin (former Assistant Secretary of the U.S. Commerce Department for Export Administration) that directly and through its affiliates, has approximately $10.4 billion in assets under management (AUM) through commingled funds and public securities products. The commingled funds focus exclusively on the education, healthcare and storage segments of the US & European real estate markets. Since inception, the Firm has acquired or developed approximately $13.9 billion of real estate throughout 602 properties in 44 states including over 107,000 student housing beds, more than 17,000 senior housing units, over 6.1 million square feet of medical office space, and more than 97,000 self-storage units. As used in this press release, unless the context otherwise requires, “Harrison Street” or the “Firm” refers collectively to Harrison Street Real Estate Capital LLC (“HSRE”), its subsidiaries, including Harrison Street Advisors LLC, Harrison Street University and Harrison Street Securities LLC, an affiliate of HSRE. For more information please visit www.harrisonst.com.
A very huge plan for the student accommodation which you have shared here within this posting, that could be an impressive details of sharing. Thanks a lot. Please have a look at our services too Health Tourism in Fiona Stanley Hospital | Short-stay accommodation in Western Australia Cozy Stay.
ReplyDelete