Covid-19 sees German investor mark down value of Point Campus DWS transfers Dublin student housing to subsidiary at 6% discount to price paid in 2019
Wed, Jan 13, 2021, 06:00
The owners of Ireland’s largest off-campus student accommodation complex have marked its value down by 6 per cent to reflect the impact of the Covid-19 pandemic on the sector.
Having paid a net purchase price of €142.26 million to acquire the Point Campus in December 2019 from BlackRock Real Estate and the O’Flynn Group, Deutsche Bank subsidiary DWS have now ascribed a net value of €134.61 million to the property.
The new and lower valuation was recorded with the sale of the complex by the German-headquartered investor on December 17th last to one of its own funds, the Grundbesitz Europa ICAV.