The German-headquartered real estate investor Commerz Real has paid €22.35 million for the Swuite student accommodation complex in Grangegorman in Dublin 7. The development, a purpose-built student accommodation (PBSA) with 128 beds in 123 rooms across five floors, was acquired from its developer, the Iveragh Group, for the Commerz Real Institutional Smart Living Fund in an off-market transaction. The complex will be rebranded as Grangegorman House and operated on Commerz Real’s behalf by Mezzino, a company specialising in student apartments in Ireland and the United Kingdom.
An open-ended special alternative investment fund (AIF), Commerz Real’s Institutional Smart Living Fund invests in student and micro-apartment complexes in European cities and university towns for professional and semi-professional investors. The acquisition of the Swuite complex had originally been planned for 2020 but was cancelled before closing following the outbreak of the Covid-19 pandemic.
Each of the Swuite complex’s 123 rooms has a private bathroom, while groups of six to eight rooms share a communal kitchen. The building also features common areas that include lounges, study rooms and a cafe.
The scheme is currently fully let and is expected to benefit long-term from the strong demand for student housing in Dublin, which has about 90,000 third-level students at present. Swuite is located next to TUD’s main campus at Grangegorman.
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Commenting on the transaction, Dr Nicole Arnold, a member of the board at Commerz Real, said: “We are very pleased to have secured this attractive property with upside potential for our investors.”
Commerz Real was advised on the transaction by Savills, while the seller was advised by Cushman & Wakefield.
