A number of international investors are expected to run the rule over a substantial student accommodation portfolio which has come to the market. Located in Dublin’s IFSC and in Galway city, the Project Galaxy portfolio comprises 724 student bed spaces, is fully operational and guiding at a price of €115 million through agent Cushman & Wakefield. The portfolio is being sold on behalf of US-headquartered investor EQT.
A total of 290 bed spaces are located at Mayor Square in Dublin’s IFSC. The scheme, which operates under the Hubble brand and is managed by student-accommodation specialist Mezzino, is located adjacent to the National College of Ireland (NCI) campus and is a short walk to Trinity College Dublin.
Hubble’s Cúirt Na Coiribe scheme in Galway has 434 bed spaces, and is located close to the University of Galway and Galway city centre. The two schemes comprise a mix of room types at rates ranging from €185 to €336 per week.
Commenting on the sale, Cushman & Wakefield says: “With favourable supply-demand dynamics in both cities and ongoing constraints for new development, this portfolio is well-positioned to deliver long-term value and resilience.”
Should a sale proceed at the €115 million guide price, the purchaser would be in line for a net initial yield of 6.8 per cent. The guide price equates to an average of €159,000 per bed.
The demand for student accommodation at third level remains robust in Dublin and across other European cities. Cushman & Wakefield recently released its 2025 European Living Investor Survey, which demonstrates that the living sector, underpinned by long-term demographic trends and an undersupply of quality assets, remains a strategic priority for investors over the next five years. The purpose-built student accommodation sector was identified as a particularly strong target allocation for these investors.
