Invesco Real Estate bas bought The Brickworks, a purpose-built student accommodation development in Dublin for £47 million from Bain Capital Credit.
The transaction was made on behalf of one of Invesco’s German separate account clients and is the manager’s first purchase for a client in Ireland. The Brickworks is located within the Dublin 8 district, with good access to various higher education institutions. The development will consist of 276 student rooms with amenities such as an on-site gym, common room areas, a roof terrace space, cycle storage and a laundry area.
Invesco associate director – transactions, Alicia Edgar, commented: “We are very excited about this prosperous student housing project; it further grows our operational real estate programme in Europe, which is now at €1.8 billion, and enables us to diversify into both student housing and the Irish market. Dublin is the largest student destination in Ireland, particularly for international students looking to study in Europe. With a significant undersupply of student beds, supportive demographics and a resurgent economy in Dublin, the investment offers an attractive opportunity to enter this market.”