AIG pays over €46m for Dublin student accommodation
AIG Global Real Estate is "investigating the potential" for making additional investments in Dublin's student accommodation sector, following its forward purchase for a figure in excess of €46m of Lidl Ireland's North Quarter scheme in Ballymun.
Commenting on AIG's interest in growing its Irish portfolio further, the company's head of UK and Ireland residential acquisitions, Naveen Patha, noted the "very acute" gap between demand and supply in Dublin's student accommodation market.
"We are investigating the potential for building new projects in this great city, which will add to our existing 2,500-bed student housing portfolio located throughout Sheffield, Leeds, Southampton, Cardiff, Bournemouth, and Coventry," he said.
Mr Patha made his comments as the Lord Mayor of Dublin, Niall Ring, turned the sod at an event hosted last week by Lidl Ireland to mark the commencement of works on the North Quarter scheme. The student accommodation acquired by AIG comprises 364 student bedroom spaces distributed across two blocks as well as ancillary retail space and two cafes.
The portfolio forms part of the wider North Quarter development which upon completion will incorporate a separate Lidl supermarket, office accommodation, retail space and cafes.
North Quarter is situated just off the Main Street on Balcurris Road in Ballymun, approximately 1.4km from Dublin City University's main campus and 1.2km from the sports grounds of Trinity College Dublin (TCD).
The development, which is scheduled for completion in autumn 2020, will also be accessible to DIT Grangegorman and Trinity College Dublin's main campus, as it is just 7km from Dublin city centre. Dublin Bus operates several routes within the immediate vicinity.
The scheme is also located within a short distance of both the M50 and M1 motorways, and Dublin airport.