Ireland: Greystar has acquired the Point Campus development in Dublin, marking its first move in the Irish PBSA market.
Point Campus is the largest off-campus student accommodation complex in Ireland. Greystar bought the scheme from from global asset manager DWS Group for around €150 million.
Located in the Dublin Docklands, the fully occupied asset has 966 bed spaces. Amenities include a gym, cinema, common room and roof terrace. Residents also benefit from being adjacent to the Point Square shopping centre and 3Arena venue.
The Point Campus scheme will be managed by Greystar’s European student platform – Canvas. The current team that manages the complex will transfer to Greystar.
Point Campus was originally developed by Michael O’Flynn and global fund manager BlackRock in 2016. In 2020 when it was purchased by DWS, a subsidiary of Deutsche Bank, for around around €172 million.
Claire Solon, managing director of Greystar Ireland, said: “We are really excited to enter the student accommodation market here in Ireland. We believe the business is well positioned to respond to the undersupply of high quality and professionally managed accommodation, driven by strong ongoing demand from Irish and international students. Greystar is an industry leader internationally in the student accommodation sector and we will be drawing on the experience and expertise that the company has built up to ensure the best residential experience possible for students at Point Campus.
“The centre already has a well-deserved reputation for attractive facilities and excellent services, and we are committed to further improving the offering to appeal to a wider and more diverse student base. The North Docks area is going to be focus of significant development over the next decade and these plans, which include a new cycling greenway and new transport routes, will be of real benefit to Point Campus and the students living there,” she added.
