Berlin-based Catella Investment Management GmbH (CIM), together with Catella APAM Property Ltd., has acquired a residential complex for students in the centrally located Dublin district of The Liberties. The purchase was made for the Article 9 fund European Residential III, which now holds almost 4,000 units in ten countries with a volume of around EUR 1.1 billion.
The residential complex was completed in 2019 as a purpose-built student accommodation (pbsa – purpose-built student accommodation) with three to six floors and comprises around 6,200 square metres of rentable space. Of this, approx. 5,600 square metres are private residential and communal areas, 472 square metres are social areas and 92 square metres are a café located on the ground floor.
Michael Keune, Managing Director of CIM, explains: "Since Brexit, Ireland has become increasingly attractive for international students. The restrictive immigration policy of the USA and the political pressure on US universities further reinforce this development. At the same time, there is a shortage of housing specifically designed for students, with 4.5 students currently available for every available place to live in Dublin. Rents on the free housing market have also risen very sharply in recent years."
Conor O'Gallagher, Director & Head of Ireland at Catella's sister company APcAM Property Ltd., says: "Student housing is an important provision for the future. Especially in high-demand and high-priced housing markets, access to further education and career opportunities is limited by the supply of housing. Investments in this area ensure the existence and expansion of existing services."
As is customary for the Dublin student housing market, between three and eight bedrooms are grouped around a common area with a kitchen. The project has a total of 207 high-quality bedrooms with double bed, en-suite bathroom, wardrobe, desk and generous storage solutions. The room sizes vary between 12.5 and 17.4 square meters. In addition, the project offers a variety of communal social areas, such as a gym, a cinema room, a gaming room, study and seminar rooms, an open common room, a laundry room, a parcel room, a reception staff around the clock, a roof terrace and a green courtyard.
The project is located in the inner-city district of The Liberties, within walking distance of several universities and colleges with a total of around 84,000 students. The location is very well connected to the local tram lines via the St. Stephen's Green and Four Courts stops. In addition, there are several bus stops in the immediate vicinity. Heuston Station is 1.8 km away and provides a national connection. The Liberties district has undergone extensive upgrading in recent years with a large number of newly built hotels, student residences, residential complexes and commercial space.
The Catella European Residential III, or CER III for short, was launched in 2019 and focuses primarily on investments in new, high-energy-standard housing stock at affordable rents in European growth regions, including Germany, Austria, Benelux, France, Scandinavia, Spain and the UK. CER III currently holds assets under management worth approx. EUR 1.1 billion.
