Hines buys Dublin student portfolio

Hines has bought its first student blocks in Ireland with the acquisition of four assets in central Dublin on behalf of a group of German pension funds. The portfolio, which includes one operational asset and three in development, has been bought from ThreeSixty Developments, developer and portfolio company of funds managed by Oaktree Capital Management. The deal follows the successful sale of its operating platform, the Student Housing Company, and 7,100-bed UK portfolio in September. The four assets have a total of around 1,500 beds. The Binary Hub was completed in July 2016 with 470 beds. Developments in Dorset Street and Summerhill are due to complete in 2017 and 2018, providing 450 and 400 beds. The fourth scheme is a development site on Cork Street, which is subject to planning. The deal is Hines’ second this year, following the acquisition of six development sites in the UK from McLaren Property. Savills acted for Hines; JLL’s corporate finance and alternatives teams represented ThreeSixty/Oaktree on this transaction. • To send feedback, e-mail alex.peace@estatesgazette.com or tweet @EGAlexPeace or @estatesgazette