Greystar has completed the purchase of Point Campus in Dublin from global asset manager DWS Group for approximately €150m (£125m).
The transaction marks Greystar’s first venture into the student accommodation market in Ireland.
The fully occupied student accommodation centre is located in the Dublin Docklands and comprises 966 beds. Amenities include a gym, cinema, common room and roof terrace. The centre is adjacent to the Point Square shopping centre and 3Arena venue.
The accommodation will be managed by Canvas, the European student platform operated by Greystar. It has existing locations in the UK, France, Netherlands and Spain. The team that manages the Dublin complex will transfer to Greystar.
The centre was developed by Michael O’Flynn and global fund manager BlackRock in 2016. When it was purchased by DWS, a subsidiary of Deutsche Bank, in 2020, market sources indicated the purchase price was in the region of €172m.
Claire Solon, managing director of Greystar Ireland, said: “We are really excited to enter the student accommodation market here in Ireland. We believe the business is well positioned to respond to the undersupply of high-quality and professionally managed accommodation, driven by strong ongoing demand from Irish and international students.
“Greystar is an industry leader internationally in the student accommodation sector and we will be drawing on the experience and expertise that the company has built up to ensure the best residential experience possible for students at Point Campus.”
“The centre already has a well-deserved reputation for attractive facilities and excellent services, and we are committed to further improving the offering to appeal to a wider and more diverse student base. The North Docks area is going to be focus of significant development over the next decade and these plans, which include a new cycling greenway and new transport routes, will be of real benefit to Point Campus and the students living there.”
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