Real Estate is investing 鈧�47m in purpose-built student housing in Ireland on behalf of a German institutional investor.
The global investment manager said the acquisition of The Brickworks project in Dublin was the first time it had invested in Ireland on behalf of a continental European separate-account client.
Bain Capital Credit sold the forward-funded project, which is situated within Dublin 8, an emerging student-housing hub close to universities. It will have 267 student rooms.
Alicia Edgar, associate director for transactions at Invesco, said the deal 鈥渇urther grows our operational real estate programme in Europe, which is now at 鈧�1.8bn, and enables us to diversify into both student housing and the Irish market鈥�.
She added: 鈥淒ublin is the largest student destination in Ireland, and specifically for international students looking to study in Europe.
鈥淲ith a significant undersupply of student beds, supportive demographics and a resurgent economy in Dublin, the investment offers an attractive opportunity to enter this market.鈥�
Tobias Simon, senior director of fund management, said Invesco would work with its operating partner Fresh Student Living to manage and enhance the property.
Invesco was advised by Cushman & Wakefield鈥檚 newly-incorporated pan-European student accommodation investment and advisory team.
George Dyer, partner in the team, said it was a 鈥渓andmark deal鈥� that would 鈥渋ntroduce high-quality new accommodation into a market with a supply-demand imbalance鈥�.
He said: 鈥淎cross Europe, supportive demographic trends have amplified competition and activity in the student accommodation sector which has developed to become a key component of real estate investor allocations.鈥�
