Ireland: Marlet Property Group has secured a €25 million financing facility with Cardinal to deliver a PBSA development in Dublin.
The development, at Prussia Street, Stoneybatter, Dublin 7, comprises 193-bed spaces and includes a lounge, gym, concierge, and social room and will be located less than three minute’s walk from the Technological University Dublin campus at Grangegorman.
Marlet CEO Pat Crean said the project marks a significant milestone for the group “as we prepare to deliver our first student accommodation buildings and continue to expand our diverse portfolio. There is a significant need to deliver purpose-built student accommodation given the acute shortage of bed spaces in the Dublin market”.
A spokesperson said the firm has not yet decided whether to sell on the Prussia St project or manage it itself. “It will depend on market conditions at the time of completion.” It will be completed to accommodate students in autumn 2024.
Founded in 2014, Marlet controls and manages property assets valued at more than €2.5 billion for its investors.
Earlier this year, a joint venture between Harrison Street and CA Ventures announced plans to develop a 249-bed PBSA scheme in Dublin.
