Starwood backs international school with €19m
The European arm of US investment giant Starwood Capital has emerged as a backer of entrepreneur Barry O'Callaghan's plan for an exclusive south Dublin international school.
The school, which is aimed at children of multinational executives, will be based in a former Microsoft building. The tech giant is building a new €134m campus beside Leopardstown racecourse for 1,200 of its staff.
Starwood has confirmed that last week it advanced an €18.9m loan to support the acquisition and redevelopment of the building for new international school, which will be run by Hong Kong-based Nord Anglia Education. It will accommodate about 800 students and will open next year.
Starwood European Real Estate said that it advanced a three-year floating rate loan to the Mr O'Callaghan-fronted venture.
"The building will be converted for educational use with a new lease to a premium global education company," noted Starwood. "The transaction represents a continuation of the company's lending strategy in Ireland, and adds to the diversity of its portfolio with its first loan backed by an educational use."
Mr O'Callaghan has been plotting the development of the new school for some time. He enlisted former education minister Ruairí Quinn to support the bid to establish the new school, which will be the most expensive in the country.
Nord Anglia operates about 43 other international schools around the world, in countries including China, the United States, Mexico, France and Poland.
Fees for day pupils attending secondary education are typically about €20,000 a year.