Irish investment house Elkstone has announced a strategic partnership with Harrison Street to develop more than 1,500 student accommodation bed in Dublin, Limerick, Cork and Galway in the next five years.
The partnership is intended to address a shortage in accommodation for students in the main cities across Ireland.
The first development will be completed in September, with a five-storey property on Dublin’s Manor Street, Stoneybatter Place, delivering 142 beds.
The property, which is located close to Technological University Dublin, and is a short distance from Trinity College, the Law Library and Kings Inn, will include ensuite bedrooms, a common area, laundry facilities, gym and two roof gardens. It will also adhere to the highest ESG standards in construction and operations.
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The project is being funded by development finance company Activate Capital, with Mezzino operating the property once it is completed.
“We are excited to embark on this new journey with Harrison Street,” said Ciarán McIntyre, Head of Real Estate at Elkstone. “The firm’s depth of knowledge in this sector, matched with our own local and international experience, provides a strong platform to develop a high-quality portfolio of purpose-built student accommodation (”PBSA”) across the Irish market. We look forward to delivering much needed accommodation to a number of locations and providing a first-class student experience.”
Harrison Street is an investment management company with around $55 billion in assets under management. The company is active in alternative real estate sectors in Europe, such as student accommodation, build-to-rent residential, and life sciences.
“Today’s announcement reflects our ongoing commitment to expand our presence in the Irish student housing market, which continues to demonstrate a tremendous need for high-quality student accommodations,” said Paul Bashir, chief executive of Harrison Street’s European Business. “Eighty per cent of Dublin’s student population does not have access to purpose-built student housing options, and through our ongoing partnership with Elkstone we look forward to closing that gap by bringing premium student housing options to the market.
