Catella grows portfolio with new Dublin PBSA asset

Catella European Residential III (CER III) has expanded its portfolio by acquiring a student housing complex in Dublin's central Liberties district. 

Carmans Hall

This acquisition, made through Catella Investment Management (CIM) and Catella APAM Property, boosts CER III's total volume to about €1.1 bn, encompassing nearly 4,000 residential units across 10 countries.
The complex, completed in 2019, is a purpose-built student accommodation spread across three to six floors, offering approximately 6,200 m2 of gross lettable area. This includes around 5,600 m2 for private living and communal spaces, 472 m2 for social areas, and a 92 m2 ground-floor café.
Designed with typical Dublin student housing in mind, the complex features groups of three to eight bedrooms sharing a communal kitchen. It provides 207 modern bedrooms, each with a double bed, en-suite bathroom, wardrobe, desk, and ample storage, with sizes ranging from 12.5 to 17.4 m2. Additionally, residents have access to numerous shared amenities, such as a gym, cinema room, gaming room, study and seminar rooms, an open communal area, laundry and parcel rooms, a 24-hour reception, a roof terrace, and a green courtyard.
Located in the lively Liberties district, the property is conveniently close to several universities and colleges, serving approximately 84,000 students. It boasts excellent public transport links, including nearby tram and bus stops, and is 1.8 km from Heuston Station. The Liberties area has recently undergone significant revitalization, adding many new hotels, student residences, housing, and commercial spaces.
Michael Keune, managing director of CIM, explained: "Since Brexit, Ireland has become increasingly attractive to international students. The restrictive immigration policy of the USA and political pressure on US universities are further reinforcing this trend. At the same time, there is a significant undersupply of purpose-built student housing in Dublin, with 4.5 students competing for each available place. Rents on the open housing market have also risen sharply in recent years." 
Conor O’Gallagher, director & head of Ireland at Catella’s sister company Catella APAM Property, added: “Student housing is an important provision for the future. Especially in high-demand and high-price housing markets, access to further education and career opportunities is limited by the availability of housing. Investments in this area ensure the preservation and expansion of existing offerings.” 
Launched in 2019, the CER III fund primarily targets new, energy-efficient residential properties with affordable rents in key European growth areas like Germany, Austria, Benelux, France, Scandinavia, Spain, and the UK. To mitigate the political and regulatory risks common in the competitive housing market, the fund diversifies its investments across various segments, including student housing, senior living, and serviced apartments. Currently, CER III manages assets totalling around €1.1 bn.