Hines has made its Irish student-housing debut, buying four assets in Dublin.
The investment manager said the assets in the centre of the Irish capital were bought for a group of German pension funds.
The deal is Ireland鈥檚 largest ever in the sector, according to advisory firm JLL.
Brian Moran, Hines鈥� senior managing director and head of Ireland, said: 鈥淒ublin is home to four of Ireland鈥檚 eight world-ranking universities and has a vibrant, dynamic student population.
鈥淒emand for high-quality, safe, well-located accommodation is increasing. We are very happy to be a part of solving Dublin鈥檚 housing-supply issues by taking over this platform and expect it to tie in well with our residential development plans.鈥�
The portfolio includes one operational asset and three schemes in various stages of development.
ThreeSixty Developments and Oaktree Capital sold the portfolio, which will deliver around 1,500 new beds for Dublin鈥檚 growing student population.
The transaction follows Oaktree鈥檚 sale to GIC, Singapore鈥檚 sovereign wealth fund, of its operating platform, the Student Housing Company and its 7,100-bed UK portfolio .
Justin Bickle, managing director at Oaktree, said: 鈥淲e first identified the opportunity in Irish student housing five years ago, and, since then, we have worked closely with ThreeSixty to deliver a market-leading portfolio of Irish student-housing schemes in Dublin.鈥�
