Real Estate
Home›Real Estate›Industry›Commerz Real buys Dublin student housing complex for €…
Commerz Real buys Dublin student housing complex for €31M
The 142-bed Stoneybatter Place is nearly fully leased, and Commerz Real says the move supports reinvesting in additional student living assets as it targets a sector with ongoing space shortages in Ireland.
German asset manager Commerz Real has acquired the Stoneybatter Place purpose-built student accommodation complex in Dublin for €31 million, purchasing it from Harrison Street Asset Management, according to Bisnow.
The deal covers the 142-bed property, which was completed in 2023 and includes furnished apartments plus shared amenity space, a gym, and rooftop terraces. Commerz Real plans to keep Mezzino as the current operator, and the operator also manages Grangegorman House in Dublin, another residential complex in the fund.
Stoneybatter Place is described as virtually fully leased and located in an inner-city area west of Dublin city centre, with the Technological University Dublin campus within walking distance. Bisnow also reports that the asset sits near tram and bus routes connecting to other higher education sites and the city centre.
Bisnow notes that earlier this year Cushman and Wakefield estimated a shortage of 34,300 PBSA spaces in Dublin, along with gaps in Cork and Galway, and forecast Dublin demand rising from 54,000 places to about 64,000 with upward pressure on student rents. It adds that Commerz Real’s Institutional Smart Living Europe Fund is open-ended and invests in student accommodation and micro-apartment complexes, with existing assets in Dublin and Frankfurt am Main.