Commerz Real Kapitalverwaltungsgesellschaft has acquired a student accommodation in Dublin for its Commerz Real Institutional Smart Living Europe Fund from the developer Iveragh Group. This is the second investment for its fund after a purchase in Frankfurt am Main.
The parties have agreed not to disclose the purchase price. Iveragh Group will continue to operate the property.
The student accommodation “Swuite Grangegorman” in Dublin includes 128 beds on around 4,000 square meters of rental space.
“Swuite Grangegorman” mainly houses flat shares from six or eight rooms each with associated bathrooms and a common kitchen. In addition, tenants can use a vegan café and a 24-hour reception. During the summer holidays, the apartments are rented as an apartment hotel. The facility is located in the Grangegorman district in the north center of Dublin next to the new, currently under construction campus of the Technical University Dublin. This should bring together their various facilities and is designed for around 15,000 to 20,000 students. By 2020 there should be around 10,000. The city center can also be reached via two nearby tram lines.
“Dublin also has a high demand for student accommodation with a very tense housing market overall.”
“It’s not just the location that is extremely attractive,” explains Heiko Szczodrowski, Head of Asset Structuring Portfolio Management at Commerz Real.
“Dublin also has a high demand for student accommodation with a very tense housing market overall.” The city of Dublin is currently home to around 90,000 students. In a ten-year forecast to 2027/28, the Irish Department of Education expects another 20,000 to grow. According to the local real estate data provider Geo Directory, the vacancy rate is currently 1.2 percent.
The open special AIF (Alternative Investment Fund) “Commerz Real Institutional Smart Living Fund” invests for professional and semi-professional investors in student and micro apartment complexes in European cities and university cities.