Elkstone and Harrison Street announce strategic partnership to deliver over 1,500 student beds
Elkstone, a leading Irish investment house, has announced a strategic partnership with Harrison Street, one of the leading investment management firms exclusively focused on alternative real assets with approximately $55bn in assets under management, to develop over 1,500 purpose-built student beds in Dublin, Limerick, Cork and Galway by 2028.
The partnership will complete its first development – Stoneybatter Place – this September, which will comprise 142 student beds and is situated on Manor Street in Dublin 7. The five-storey property is conveniently located minutes from Technological University Dublin, and is a short distance from Trinity College, the Law Library and Kings Inn.
In addition to quality ensuite bedrooms, students at Stoneybatter Place will have access to a large common area, laundry facilities, an expansive gym and two well-appointed roof gardens. The development has experienced high demand and already has limited availability for the start of this Autumn’s academic term.
Ciarán McIntyre, Head of Real Estate at Elkstone, said: “We are excited to embark on this new journey with Harrison Street. The firm’s depth of knowledge in this sector, matched with our own local and international experience, provides a strong platform to develop a high-quality portfolio of purpose-built student accommodation (“PBSA”) across the Irish market. We look forward to delivering much needed accommodation to a number of locations and providing a first-class student experience.”
“Today’s announcement reflects our ongoing commitment to expand our presence in the Irish student housing market, which continues to demonstrate a tremendous need for high-quality student accommodations,” said Paul Bashir, Chief Executive Officer of Harrison Street’s European Business. “80% of Dublin’s student population does not have access to purpose-built student housing options, and through our ongoing partnership with Elkstone we look forward to closing that gap by bringing premium student housing options to the market.”
As part of Elkstone’s and Harrison Street’s ongoing commitment to sustainability, the strategic partnership will adhere to the highest ESG standards in both construction and operations. Projects will be assessed under Fitwel, GRESB and BREEAM criteria, with Stoneybatter Place targeting a BREEAM “Very Good” certification and a three-star rating from Fitwel.
Harrison Street is among the most active investors in alternative real estate sectors – including student accommodation, build-to-rent residential, and life sciences – in Europe. The Firm’s experience in Ireland includes investments across 15 PBSA assets with nearly 4,900 beds developed to date in partnership with experienced local developers and operators.
The strategic partnership of Elkstone and Harrison Street aims to address the significant shortage of modern student accommodation in Ireland’s main cities by offering more choice to existing students while supporting third-level institutions in attracting more international students to Ireland.
Stoneybatter Place is funded by Activate Capital, a leading provider of residentially-led development finance in Ireland. Monami Construction is the main contractor on the project, having built Easy Hotel in the nearby Benburb Street. Mezzino, an established manager in the UK and Ireland, will operate the asset.
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