Ares Management Corporation (Ares) and Generation Partners (Generation) announce that the joint venture between Ares real estate funds and Generation has acquired three new assets in the Republic of Ireland.
Located within Dublin and Galway, the three purpose-built student accommodation (PBSA) buildings comprise 664 beds and are fully occupied for 2021/22 and reside within strong micro locations for student accommodation.
“We are excited to acquire these assets with Generation, marking a geographic expansion into Ireland following our acquisitions in the UK over the last year. Through our joint venture, we remain committed to providing high-quality, student accommodations.”Wilson Lamont, Partner and Co-Head of European Real Estate Equity in the Ares Real Estate Group
These three PBSA assets will be added to the Here! Student Living brand that currently sits over the joint venture’s three existing operational assets in Cardiff, Exeter and Glasgow, all of which are fully occupied for the 2021/2022 academic year and are letting quickly for next year.
“The student PBSA market in Ireland is very attractive and continues to be characterised by a significant supply shortage.”Alan Artus, Chief Executive, Generation Partners
Here! Student Living reflects Ares and Generation’s commitment to delivering exceptional university living experiences for students across some of the UK’s most popular university cities. Offering bespoke internal and external amenities, the brand is focused on creating unique and engaging community environments reflective of students’ dynamic needs. The modern living spaces at these schemes include social study areas, gyms, private dining rooms and fully equipped music rehearsal spaces, among other high-quality amenities.
Ares Management Corporation is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, private equity, real estate and infrastructure asset classes.
Generation Partners, founded in 2002, is a highly experienced and integrated developer, operator and asset manager of UK and Irish PBSA with an extensive and successful track record. Generation has been instrumental in the inception, delivery and operation of two of the most significant PBSA platforms – Pure Student Living and Nido Student Living – that have been established and traded in the past ten years. Since 2004, Generation has delivered and operated over 8,000 new student bed spaces in the UK and Ireland with a value in excess of £2bn.