Bank of Ireland supports new student accommodation in Dublin 8
20 August 2018
Bank of Ireland Corporate Banking funded the building of the residence for Uninest, which is part of Global Student Accommodation Group (GSA), a world leader in investing, developing and managing purpose-built student accommodation.
Located in the historical liberties area, the new building comprises 296 student beds and adjoins the current New Mill student accommodation scheme, a 400 bedroom complex which is also funded by Bank of Ireland and opened last summer.
Students who will be moving into The Tannery next month can look forward to on-site laundry facilities, a cinema room, an arcade room, high-speed broadband and WiFi, study areas and all utility bills are included.
Speaking at the official opening of The Tannery, Paul McDonnell, Head of Property Finance Group Bank of Ireland Corporate Banking: “Bank of Ireland is delighted to have funded The Tannery student accommodation development. The scheme is one of a number we’re supporting in the purpose-built student accommodation sector, providing 2,400 much needed student accommodation units across the country.’’
“GSA has an excellent track-record in the student accommodation sector and this development further highlights our ongoing commitment to that sector. As with all of our customers, we’ve fostered a longstanding relationship with GSA and continue to work very closely with the team to support their ambitious plans in Ireland.
‘’This transaction is the latest in a number of major financings Bank of Ireland has completed over the last 24 months for many of Ireland’s leading names in real estate, and we look forward to continuing this support long into the future.”
Aaron Bailey, GSA’s Development Director UK & Ireland, said: “As Ireland maintains its reputation for having some of the world’s best academic institutions there is continued demand for high-quality purpose-built student accommodation in the region. The construction of The Tannery has extended our student accommodation offering to 696 beds in the popular Liberties area, and along with our brand new Ardcairn House development we now have a total of 1,861 operational beds in Dublin with a further 190 in Cork - helping to alleviate some of the pressures of the current housing crisis.
“Since entering the market three years ago we’ve been fully committed to Ireland and have created in excess of 40 permanent jobs in our residences and over 1,000 jobs during construction. Earlier this year we announced a 200 million Euros transaction with Harrison Street Real Estate Capital to deliver further developments in the capital, and as part of the transition we will also be entering the Cork market for the first time in September. It’s an extremely exciting time for us in Ireland and it’s been incredible to see such phenomenal student excitement in our offering.”