The seller is Iveragh Group, which built the property in 2018 and has held it since. The purchase price is approximately €22.35 million. Going forward, the complex will be operated by Mezzino, a company specializing in student apartments in Ireland and the United Kingdom. As part of this change of the operator, a rebranding to ‘Grangegorman House’ is planned.

The residential complex comprises 128 beds in 123 rooms across five floors. Each room has a private bathroom, and six to eight rooms share a communal kitchen. The gross rental area of approximately 4,000 square meters also in-cludes common areas such as a lounge, study room, and a café.

The complex is currently fully let and is expected to benefit long-term from the strong demand for student housing in Dublin, which has around 90,000 students. Swuite is located next to the modern campus of TU Dublin in the central district of Grangegorman, bordering Stoneybatter. The area offers a high quality of life with numerous bars, cafés, pubs, supermarkets, and gyms – especially attractive for young professionals and students.

The open-ended special AIF (Alternative Investment Fund) “Commerz Real Institutional Smart Living Fund” invests in student and micro-apartment complexes in European metropolises and university cities for professional and semi-professional investors. The acquisition in Dublin had originally been planned for 2020 but was cancelled before closing due to the outbreak of the COVID-19 pandemic.

Commerz Real was advised by Savills Ireland and Savills Operational Capital Markets division on the transaction.