Global student accommodation provider Scape is divesting its only Irish PBSA investment to focus on other markets.
The sale is being managed by Cushman and Wakefield, and the price tag is said to be in the range of €80 mln.
Opened in September 2020, Scape Dublin offers 298 beds (246 ensuites, 32 twin ensuites, 20 studios) in Dublin 2, close to St Stephen's Green and Grafton Street and a short distance to Trinity College and Royal College of Surgeons Ireland (RCSI).
Amenities include an elevator, study room, reception desk, seamless Wi-Fi connectivity, a modern gym, and a courtyard to enhance the living experience.
The property has a guaranteed annual income of €5.2 mln for the 2024/2025 academic year through a 51-week agreement with RSCI. Additional income amounts to €625,000 per year from a Lidl supermarket on the ground floor.
The blended yield is 5.5%, exceeding the 4.5% achieved in the last Dublin student accommodation sale in 2021.
Scape Dublin is strategically situated with convenient transportation options, and Dublin Airport is a 30-minute drive away.
There has been strong investor interest in Irish student accommodation due to the consistent growth of the number of students. In Dublin, the number of beds has almost doubled from just under 10,000 in 2016 to close to 19,500.