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Ireland: Bank of Ireland (BoI) has completed an €81 million refinancing of the 601-bed Kavanagh Court purpose-built student accommodation (PBSA) development in Dublin, for Global Student Accommodation (GSA).
The refinancing brings BoI’s total funding in the Irish student accommodation sector to more than €700 million, which has supported the delivery of more than 7,000 beds nationwide.
Brian Gaffney, head of residential and development finance at BoI, said: “This latest transaction marks 10 years of partnership with GSA and reflects our continued commitment to the student accommodation sector. Purpose-built student housing plays a vital role in easing pressure on the wider residential market, while also supporting Ireland’s third-level education system, a key pillar of national competitiveness.”
GSA entered the Irish market in 2015, when BoI financed its first development, a 400-bed scheme at New Mill in Dublin 8. The company now manages around 4,000 student beds across Dublin and Cork.
GSA operates internationally as an investor, developer, and asset manager of purpose-built student accommodation (PBSA) in 11 countries across Europe, North America, and the Asia-Pacific region.
John Jacobs, global head of capital markets at GSA, said: “Bank of Ireland have been a great supporter of GSA since we entered the Irish market a decade ago,” Mr Jacobs said. Their commitment and confidence in our vision have been instrumental in helping us establish ourselves as the largest owner of purpose-built student accommodation in Ireland. Together, we’ve been able to deliver high-quality, much-needed housing for students in the country, and we look forward to continuing this successful relationship.”
Kavanagh Court is located in Dublin’s city centre, within walking distance from many of the major educational institutions in the city.
Highlights:
• Bank of Ireland (BoI) has completed an €81 million refinancing of the 601-bed Kavanagh Court purpose-built student accommodation (PBSA) development in Dublin, for Global Student Accommodation (GSA)
• The refinancing brings BoI’s total funding in the Irish student accommodation sector to more than €700 million, which has supported the delivery of more than 7,000 beds nationwide
• Kavanagh Court is located in Dublin’s city centre, within walking distance from many of the major educational institutions in the city
