Commerz Real acquires Dublin PBSA asset

Commerz Real has purchased the Swuite Dublin residential complex for €22.35 mln in an off-market deal from Iveragh Group.

Swuite Dublin 

The global asset manager purchased the property for its Commerz Real Institutional Smart Living Fund. 
The property, built in 2018, will now be managed by Mezzino, a specialist in student accommodations, and rebranded as 'Grangegorman House'.
The complex features 128 beds across 123 rooms, each with a private bathroom, and shared communal kitchens for every six to eight rooms. The 4,000 m2 property also includes shared amenities like a lounge, study room, and café.
Currently fully occupied, the complex is strategically located next to TU Dublin's campus in Grangegorman, a vibrant area popular with students and young professionals due to its amenities. It is anticipated to benefit from Dublin's high demand for student housing, with the city home to around 90,000 students.
Nicole Arnold, member of the Board of Commerz Real, commented: “We are very pleased to have secured this attractive property with upside potential for our investors.” 
The "Commerz Real Institutional Smart Living Fund," an open-ended special AIF, targets student and micro-apartment properties in major European cities and university towns for professional and semi-professional investors. The acquisition in Dublin was initially planned for 2020 but was halted due to the COVID-19 pandemic.
Savills Ireland advised Commerz Real on the transaction, while Cushman & Wakefield advised the seller.