Global real estate investment manager Invesco has acquired The Brickworks, a student accommodation development in Dublin for €47 mln.
The asset, sold by Bain Capital Credit, is located in Dublin 8 and it is expected to be finished in July 2019. Once completed, it will comprise 276 student rooms and common areas.
This deal was Invesco’s first acquisition on behalf of a European account in Ireland.
‘This student housing project grows our operational real estate programme in Europe, which is now at €1.8 bn, and enables us to diversify into both student housing and the Irish market,’ commented Alicia Edgar, associate director - transactions at Invesco.
‘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,’ she added.
In this transaction, Invesco was advised by Cushman and Wakefield. Bain Capital Credit, the seller, developed The Brickworks project with Carrowmore Property.