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Irish

DCU planning 1,240-bed student housing scheme

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DCU (stock image)
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DUBLIN City University is planning a significant new student accommodation building, with 1,240 bedspaces.

It comes amid a surge in the number of such facilities being built around the capital.

The university is planning to build its new student accommodation unit on its campus, and the project is being progressed as a strategic housing development.

DCU has a student population of more than 17,000. Apart from its main campus in Glasnevin on Dublin's northside, it also incorporates three other institutions in the capital: St Patrick's College, Mater Dei Institute of Education, and the Church of Ireland College of Education.

A large number of student accommodation facilities have been built, or are planned or under construction, in the capital.

"The Dublin student market suffers from a severe structural under-supply of purpose-built student accommodation," noted the European arm of US property giant Starwood Capital recently.

Last year, Starwood committed to an €11.25m loan facility to finance the development of a 127-bedroom student accommodation scheme in Dublin.

Other investors and operators in the student accommodation sector include US real estate group Hines.

The company brands its student accommodation as Aparto.

In 2017, Hines splashed out €37.6m to buy the Montrose student residence beside University College Dublin.

In 2016, it paid €162m for four student accommodation sites that were either completed or under construction. The sites were bought by Hines on behalf of a group of German pension funds.

Last month, AIG Global Real Estate finalised a €46m-plus forward purchase of Lidl Ireland's North Quarter scheme in Ballymun, close to Dublin City University.

Irish Independent

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Stock Image: Bloomberg