Harrison Street acquires Ireland‘s Melbourn Point PBSA

Harrison Street acquires Melbourn Point, a purpose-built student accommodation (PBSA) asset in Cork, Ireland.

Melbourn Point student accommodation scheme in Cork, Ireland which has been acquired by Harrison Street | PBSA News
Melbourn Point student accommodation scheme in Cork, Ireland which has been acquired by Harrison Street.

Harrison Street, an investment management firm focused on alternative real assets, announces it has acquired Melbourn Point, a purpose-built student accommodation (PBSA) asset in Cork, Ireland. The fully let property will be wholly owned by Harrison Street and managed by Yugo, an operator and manager of branded student accommodation properties.

Completed ahead of the 2021 academic year and fully leased in its first year, Melbourn Point includes 342 student beds – a mix of 335 ensuite and seven studio apartments. Amenities include a gym, study space, cinema and games room with PlayStation consoles. Melbourn Point has attracted interest from students citywide, with 45% of its beds occupied by UCC students.

The second largest city in Ireland, Cork is home to two universities – University College Cork (UCC) and Munster Technological University (MTU) – which together have nearly 37,000 full-time students. Melbourn Point is located across the street from MTU’s central campus. It is also a ten minute bus ride from UCC and a 15-minute bus ride from Cork’s city centre.

“Cork is a vibrant, growing city within Ireland and has seen its student population expand by 2.5% every academic year since 2018, yet it suffers from an undersupply of PBSA properties. The strong rental demand Melbourn Point has garnered from university students across the city reflects Cork students’ deep desire for high-quality, purpose-built student accommodation.

“Harrison Street is pleased to continue to deliver much needed modern housing to an underserved university market, and we look forward to identifying further attractive opportunities and expanding our presence in the Irish student housing market for our investors and partners.”

Paul Bashir, Chief Executive Officer, Harrison Street’s European Business

Harrison Street’s experience in Ireland includes investments across 11 PBSA assets, with over 3,500 beds developed to date in partnership with experienced local developers and operators. Following the acquisition of Melbourn Point, Harrison Street has invested in four PBSA assets in Cork. 

Harrison Street is an active investor in alternative real estate sectors – including PBSA, Build to Rent and life sciences – in Europe. Since launching its European strategy in 2015, Harrison Street has acquired or developed 73 assets, including over 20,000 student accommodation beds, 3,000 residential units and 2.1 million sq ft of life sciences space, in partnership with 14 operating partners in the UK, Ireland, France, Germany, and Spain.

Since inception in 2005, the firm has created a series of differentiated investment solutions focused on demographic-driven, needs-based assets. Headquartered in Chicago with offices in London, Toronto, San Francisco and Washington D.C., the firm has over 220 employees and approximately $50bn in assets under management. Clients of the firm include a global institutional investor base domiciled in North America, Europe, Middle East, Asia and Latin America. The investor was awarded Best Places to Work by Pensions & Investments for seven consecutive years (2014-2020) and was recognised by PERE as the 2021 Alternatives Investor of the Year, North America and 2020 Global Alternatives Investor of the Year.