Crosslane Student Developments, part of the Crosslane Property Group (“Crosslane”), and Global alternative asset manager The Carlyle Group (NASDAQ: CG) today announces that they have successfully completed on the sale and purchase of the 207-bed purpose-built student accommodation development scheme on Carman’s Hall in Dublin. Financial terms of the transaction were not disclosed.
Crosslane will continue to act as development manager for The Carlyle Group to oversee construction of the new scheme to ensure it is completed on time and to budget ahead of the 2019/2020 academic year.
The Carman’s Hall development comprises of three residential buildings of between three and six storeys, arranged in an L-shape (with a total gross internal floor area of 6,607 sqm), to create a private outdoor landscaped courtyard in the centre for residents to enjoy. Once complete, the modern, high specification accommodation, designed by John Fleming Architects, will include 207 en-suite bedrooms.
The site is located at the junction of Carman’s Hall and Garden Lane, just to the west of the city centre and south of the River Liffey, within Dublin’s main ring road. The development is a short walk from the Royal College of Surgeons’ campus and Trinity College. Dublin City University and the University College Dublin, are both easily accessible by public transport.
Jon Stewart, Director, Crosslane Student Developments, said:
“We are pleased to have completed the sale to The Carlyle Group of Carman’s Hall, Crosslane’s first student housing development in Ireland, where we are targeting 3,000 beds in the country over the next three years, helping to ease the chronic supply/demand imbalances. The site, which was acquired by Crosslane in May, has undergone demolition and clearance work and construction commenced on the new development in August.
Thanks to its growing economy, Ireland continues to attract increasing numbers of students, both locally and internationally, and Crosslane continues to strengthen its identified pipeline within Ireland and across the UK, and will further expand in key university cities and towns where strong demand/supply fundamentals persist.”