Hines has acquired Scape Dublin, a purpose-built student accommodation (PBSA) asset located in the heart of Dublin on behalf of the firm’s Core Plus fund, Hines European Property Partners (HEPP).
The building was designed by JSA Architects, built by John Paul Construction, and was developed and operated by international student accommodation operator, Scape. The sale transaction was overseen by Andrew Smith of Cushman & Wakefield.
Scape Dublin, the 298-bed student accommodation facility, which opened in 2020, will be rebranded to aparto Dublin Stephen’s Quarter following the acquisition.
Located at the intersection of Golden Lane, Aungier Street and Longford Street, the 12,631 sqm site comprises a mix of 246 single en-suite rooms, 16 twin ensuites and 20 self-contained studios.
German grocer Lidl occupies the majority of the ground floor retail fronting on to Aungier Street and Longford Street. The asset is situated in close proximity to Saint Stephen’s Green and Grafton Street and leading universities such as TCD, TUD and RCSI.
Amenities include carefully designed in-house study areas, lounges and communal area, a cinema room, gym and games area as well as an outdoor garden.
“Building and acquiring purpose-built student living schemes in our preferred markets is a high-conviction investment theme for HEPP and for Hines globally.
“The number of young people choosing higher education has grown exponentially and the undersupply of purpose-built student housing in cities with great universities like Dublin is well documented, so we are delighted to have secured another asset in a prime location in the city.
“Schemes like this one give us the opportunity to provide the PBSA that Europe desperately needs, while seeking to deliver real value to our investors.”
Jorge Duarte, Senior Managing Director and Fund Manager, HEPP
The purchase of Scape Dublin sees Hines continue its strategy of building a portfolio of prime PBSA assets in European locations where demand is strong and supply is constrained.
Aparto Dublin Stephen’s Quarter will join the firm’s portfolio of five existing facilities in Dublin – The Loom on Cork Street, Binary Hub off Thomas Street, Dorset Point on Dorset Street, Beckett House in Summerhill and aparto Montrose adjacent to the University College Dublin.
It will become the firm’s sixth PBSA asset in Dublin and brings the total number of beds managed by its European PBSA management brand aparto to over 6,700 across Europe as of September 2024.
“We are thrilled to acquire this prime operational PBSA building, strategically located in the heart of Dublin city centre and close to the City’s largest third level institutions. This latest acquisition underlines our belief in Dublin’s thriving education sector and the city more broadly as an attractive destination for investment.”
Peter Lynn, Managing Director, Hines
The acquisition follows the announcement by Hines in March this year that HEPP would forward-fund the 260-bedroom Gas Lane development in Bristol, UK.
While in February the firm’s value fund series, Hines European Real Estate Partners (HEREP) committed to fund two large scale student living projects in Paris that plans to deliver an additional 1,300 beds once completed.
