New Student Accommodation in Cork, Ireland
CA Ventures and Harrison Street have announced the launch of a new Irish Joint Venture and the closing of a transaction that will bring a 623-bed purpose-built student accommodation (“PBSA”) community to Cork, Ireland. The property will be managed by CA’s in-house PBSA management company, Novel Student, upon completion of the project, which is slated for the beginning of the 2023/2024 academic year.
Demand for student beds in Ireland currently outstrips supply by almost three beds demanded for every one available and is forecast to grow another 9% over the next four years. This unmet demand coupled with a dearth of quality housing options creates a significant investment opportunity for CA and Harrison Street to fulfill growing student populations’ desire for premium PBSA. As pioneers in student accommodation with a track record of delivering differentiated products and services in the most sophisticated student accommodation markets in the world, CA and Harrison Street are uniquely positioned to capitalize on the strong momentum they have already experienced in the sector.
“We are excited to further our longstanding partnership with Harrison Street as we bring another modern, high-quality asset to market in Ireland under Novel Student,” said Carlo Matta, head of Europe for CA. “Together with Harrison Street, CA has already closed on four PBSA development projects to deliver more than 900 beds across London, Edinburgh, Leicester and Belfast. The closing of this transaction allows us to capture additional unmet demand in Cork as we expand our footprint in Ireland to deliver a total of 1,500 beds across the UK and Ireland.”
Paul Bashir, Chief Executive Officer of Harrison Street’s European business, stated, “CA is a key partner with whom Harrison Street has worked for over a dozen years in the United States and more recently the UK, and we are excited to expand our partnership with them as we continue to identify attractive PBSA opportunities in top-tier university cities across Europe. This development represents an exciting opportunity to provide much needed modern PBSA accommodation to Cork‘s underserved university housing market.”
The property, located on Carrigrohane Road, is strategically situated in the Cork city center, pedestrian to University College Cork, Cork Institute of Technology and University Hospital. Rooms will be fitted with premium finishings and appliances including ensuite toilets and showers, kitchenets with burners, ample countertop space, cabinet space, and a refrigerator. Each Novel Student community will offer a range of shared amenity spaces including breakfast bars with complimentary coffee service as well as study and meeting rooms, tea lounges and on-site wellness space such as gyms and relaxation rooms. The development will also include shared common areas, bike storage, an outdoor courtyard and rooftop amenities.
Harrison Street has invested over €3.5 billion in approximately 18,000 student accommodation beds, 2,600 specialty residential units and 2.1 million square feet of life sciences space throughout Europe. The firm’s experience in Ireland includes investments across 11 PBSA assets with over 3,500 beds developed to date with experienced, local developers and operators. CA and Harrison Street have now partnered to launch PBSA-focused joint ventures in Ireland and the UK and are actively pursuing other opportunities together throughout Europe.