Purpose-built student accommodation (PBSA) provider Global Student Accommodation (GSA) announces that it has refinanced two Dublin-based PBSA developments – Yugo Highfield Park and Yugo Dominick Place – owned in a joint venture with long-term partner Harrison Street, an investment management firm.
Exclusively focused on alternative real assets, the refinancing has been made possible with a loan provided by Wells Fargo. This is GSA’s first transaction with Wells Fargo in Europe and builds upon the existing strong relationship with the bank in the US.
Dublin is one of the leading cities for higher education and home to over 91,000 students. PBSA schemes Yugo Highfield Park and Yugo Dominick Place are located within prime locations in the city.
“I am delighted to have completed our first transaction with Wells Fargo in Europe. It represents an important step in optimising our capital structure, demonstrating the quality of these assets, GSA’s reputation amongst leading lenders, and the strength of the sector.
“I look forward to continuing to work closely with them on both sides of the Atlantic. As Ireland’s largest provider of private student housing, the market remains central to our strategy, exhibiting robust fundamentals driven by leading universities, growing student numbers and significant demand for quality, purpose-built student housing.”John Jacobs, Global Head of Capital Markets, GSA
Opened in 2020, Yugo Highfield Park provides campus style accommodation with a broad range of town houses, cluster apartments and twin rooms. Dedicated amenities including a basketball court and multi-purpose common areas.
Yugo Dominick Place, which opened in 2019, provides city centre living with amenities including a gym, games room, roof terrace and cinema room.
GSA’s properties serve renowned universities including Trinity College Dublin, University College Dublin, the Royal College of Surgeons in Ireland, and Technological University Dublin.
“Wells Fargo are delighted to continue to support GSA and Harrison Street with their financing needs and to strengthen the global relationship.”Nicola Free, Head of CRE, EMEA, Wells Fargo
Since entering the PBSA market over a decade ago, GSA has developed or acquired over 3,500 beds across Dublin and Cork – and are the largest provider of student housing in the country.