Commerz Real has acquired the Swuite Dublin residential complex for the "Commerz Real Institutional Smart Living Fund" as part of an off-market transaction. The seller is the Iveragh Group, which completed the property in 2018 and has held it in the portfolio ever since. The purchase price is around 22.35 million euros and the property will be operated by Mezzino, a company specialising in student apartments in Ireland and the United Kingdom. As part of this change of operator, a rebranding to "Grangegorman House" is planned.
"We are very pleased that we were able to secure this attractive property with value appreciation potential for our investors," says Dr. Nicole Arnold, member of the Board of Management of Commerz Real. The residential complex comprises 128 beds in 123 rooms on five floors. Each room is equipped with a separate bathroom and six to eight rooms share a shared kitchen. The gross lettable area of around 4,000 square metres includes other common areas such as a recreation room and a study room as well as a café.
The complex is currently fully let and should continue to benefit in the long term from the strong demand for student housing in Dublin with its approximately 90,000 students. Swuite is located next to the modern campus of TU Dublin in the central district of Grangegorman, on the border with Stoneybatter. The area offers a high quality of life with numerous bars, cafés, pubs, supermarkets and gyms – especially for young professionals and students.
The open-ended special AIF (alternative investment fund) "Commerz Real Institutional Smart Living Fund" invests for professional and semi-professional investors in student and micro-apartment complexes in European metropolises and university towns. The purchase of the property in Dublin had already been planned in 2020, but the transaction was cancelled before closing due to the outbreak of the Corona pandemic.
Commerz Real was advised on the transaction by Savills Ireland, the seller side of Cushman & Wakefield.
