Harrison Street and CA Ventures’ joint venture will develop a new purpose-built student accommodation (PBSA) scheme in Dublin, Ireland. The property will deliver 249 new student beds, which will be developed, managed, and operated by CA Ventures’ in-house PBSA management company – Novel Student.
The development is located on Parnell Street in Dublin’s city centre, close to Trinity College Dublin and Technological University Dublin. It is also near restaurants, shopping, cultural attractions, nightlife and public transport options.
“We are pleased to deliver modern, high-quality student housing with easy access to Dublin’s universities, where 80% of the current student population is currently unable to access PBSA options. Dublin is home to the largest concentration of students in Ireland, with approximately 95,000 full time students. Yet, as enrolment at the largest universities continues to grow, supply of high-quality student accommodation has not kept pace.
“We continue to see attractive opportunities to expand our presence in the Irish student housing market and look forward to working with CA to identify and develop PBSA assets that offer students premium living experiences proximate to their universities, ultimately enhancing their higher education experience.”Paul Bashir, Chief Executive Officer, Harrison Street’s (Europe)
Once complete, the PBSA scheme will offer full bed-bath parity for both studio and ensuite apartments. The building will feature amenities including a gym, cinema, games room, communal spaces, bike storage, study rooms, and a dining room.
“We are thrilled to expand both CA and Novel Student’s presence to Dublin – a city that holds some of the country’s leading universities yet continues to lack dedicated campus accommodation. With the Dublin population anticipated to steadily increase, we look forward to the opportunity to alleviate some of the pressure universities are facing while integrating ourselves with the rich culture of the city through a thoughtfully designed and operated asset.” Carlo Matta, President and Head of European Operations, CACarlo Matta, President and Head of European Operations, CA
This is the JV’s second project in Ireland following its investment in a 623-bed PBSA development in Cork that is opening in Fall 2023. The JV also currently owns six assets in the UK and is expected to deliver in total 3,000 PBSA beds across the UK and Ireland.
Harrison Street is an active investor in alternative real estate sectors – including student accommodation, Build to Rent residential, and life sciences – in Europe. Since launching its European strategy in 2015, Harrison Street has acquired or developed 78 assets, including over 20,000 student accommodation beds, nearly 4,700 residential units and approximately 2.1 million square feet of life sciences space, in partnership with 17 operating partners in the UK, Ireland, France, Germany, and Spain.