New 623-bed student accommodation to be developed in Cork through ISIF investment 

The accommodation will be funded through ISIF’s existing partnership with Harrison Street

'Bottleworks' Student Accomodation under construction at Carrigrohane Straight, Lee Fields, Cork City. Pic Larry Cummins

The Ireland Strategic Investment Fund (ISIF) has announced a €75m commitment to Harrison Street which will deliver new student accommodation across Irish cities.

ISIF said it plans to invest half a billion across Ireland's regional areas with the aim of making them more attractive to pursue third-level education.

One such development is the Bottleworks Building in Cork, a 623-bed student accommodation scheme on the grounds of the former Coca Cola factory, with Finance Minister, Michael McGrath attending the site this morning for the announcement.

"The €75m commitment by ISIF in Harrison Street Funds is a further very welcome development in the provision of high-quality purpose-built student accommodation in Ireland," said Minister McGrath.

Managing more than €52bn in assets, Harrison Street is a global investment firm aiming to deliver more than €500m in new accommodation. Since its European platform’s inception in 2015, Harrison Street has deployed over €1.1bn across Ireland in 16 investments, including around 5,000 new student beds.

The new partnership will focus primarily on the regional student accommodation market but will also explore wider opportunities to deliver new homes.

This €75m commitment will comprise €25m towards the new Harrison Street European Property Partners Fund IV that invests in student housing, build-to-rent residential and life sciences assets. 

The remaining €50m is allocated to a co-investment vehicle which will invest specifically in Irish investment opportunities.

The €75m commitment follows the recent announcement of an extension to ISIF’s funding programme with a €400m allocation for equity-based investments in new housing projects.

"The partnership with Harrison Street aims to increase the supply of available student accommodation and will support the growth of Ireland’s universities while helping to add to the supply of accommodation and to employment in our regional cities," said Director at ISIF, Nick Ashmore.

"We have set out to invest €500m to make Ireland’s 5 regional cities – Cork, Limerick, Galway, Waterford and Kilkenny – better places to invest, to create jobs, to work and to live."