Hines has acquired Scape Dublin, a purpose-built student accommodation asset in Dublin 2 on behalf of its Core Plus fund Hines European Property Partners.
Scape Dublin is a 298-bed student accommodation facility, which opened in 2020. The scheme was developed and operated by student accommodation operator Scape.
It will be rebranded under the Aparto Dublin Stephen’s Quarter following the acquisition.
Located at the intersection of Golden Lane, Aungier Street and Longford Street, the 136,000 sq ft site comprises 246 single en suite rooms, 16 twin ensuites and 20 self-contained studios.
Lidl occupies most of the ground floor retail space, and the development also includes study areas, lounges and communal areas, a cinema room, gym and games area, as well as a garden.
Aparto Dublin Stephen’s Quarter will become the firm’s sixth PBSA asset in Dublin and brings the total number of beds managed by its European PBSA management brand Aparto to more than 6,700 as of September 2024.
It will join the firm’s portfolio of five existing facilities in Dublin – the Loom on Cork Street, Binary Hub off Thomas Street, Dorset Point on Dorset Street, Beckett House in Summerhill, and Aparto Montrose next to University College Dublin.
Jorge Duarte, senior managing director and fund manager of HEPP, said: “The number of young people choosing higher education has grown exponentially and the undersupply of purpose-built student housing in cities with great universities like Dublin is well documented, so we are delighted to have secured another asset in a prime location in the city.
“Schemes like this one give us the opportunity to provide the PBSA that Europe desperately needs, while seeking to deliver real value to our investors.”
Peter Lynn, managing director at Hines, said: “We are thrilled to acquire this prime operational PBSA building, strategically located in the heart of Dublin city centre and close to the city’s largest third level institutions.
“This latest acquisition underlines our belief in Dublin’s thriving education sector and the city more broadly as an attractive destination for investment.”
The sale was overseen by Cushman & Wakefield.
Photo © Aparto
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