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Hines Ireland completes acquisition of €37m student housing development

Written by Robert McHugh, on 17th Feb 2017. Edited on 20th Feb 2017 Posted in Ireland

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It was announced today that Hines has accelerated its growth into the student accommodation sector in the UK and Ireland with the launch of a new operating platform. This coincides with the acquisition of one asset and two further developments, comprising more than 1,000 bed spaces.
 
In Ireland, Hines has just completed the acquisition of the Montrose student housing development, adjacent to University College Dublin. The 205-bed scheme has been acquired from Ziggurat for €37.675 million following its redevelopment.
 
In December 2016 Hines and its investor partners entered the Ireland student housing market with the acquisition of a major portfolio from ThreeSixty Developments. This transaction comprised four prime sites in Dublin which will deliver a combined 1,500 new beds for the city’s growing student population. 
 
Aparto has been established by Hines as the consumer face for its rapidly expanding portfolio of student accommodation developments. Hines is building a dedicated internal Aparto team to manage the operations of the new sites.
 
The Binary Hub, in the south inner city, which was acquired as part of the ThreeSixty Developments portfolio, was completed in 2016, and along with the new Montrose acquisition, will be the first developments to carry the Aparto branding. 
 
Speaking today, CEO of Hines Europe, Lars Huber said, "Hines Europe is very committed to the Student Housing Sector, with firm plans to expand this strategy from UK and Ireland today to other markets across Europe in the future. We are excited about the launch of Aparto, providing additional Hines operational value creation beyond real estate."

Source: www.businessworld.ie

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