Invesco forward funds Irish PBSA for €47m
Invesco Real Estate has bought The Brickworks, a forward funded, purpose-built student accommodation (PBSA) development in Dublin, Ireland for €47m from Bain Capital Credit. The transaction marks Invesco’s first acquisition on behalf of a European account in Ireland, specifically for one of the firm’s long-standing German separate account clients.
Alicia Edgar, Associate Director – Transactions at Invesco, comments: “We are very excited about this prosperous student housing project; it further grows our operational real estate programme in Europe, which is now at €1.8bn, and enables us to diversify into both student housing and the Irish market.
“Dublin is the largest student destination in Ireland, and specifically for international students looking to study in Europe. With a significant undersupply of student beds, supportive demographics and a resurgent economy in Dublin, the investment offers an attractive opportunity to enter this market.” …