Marlet Property Group Secures €25 Million Financing Facility with Cardinal to Deliver 193 Student Beds

Marlet Property Group today announced that the company has finalised a €25 million financing facility with Cardinal to deliver a purpose-built student accommodation development in Prussia Street, Dublin 7.

The development comprises 193-bed spaces and excellent amenities including a lounge, gym, concierge, and social room. Being located less than a 3-minute walk from DIT’s Grangegorman campus, Prussia Street will create a welcoming and convenient place for students, and enhance the local area, injecting new life and vitality into the community.

Pat Crean Marlet CEO said “I want to thank Cardinal for supporting us on this development which is a significant milestone for Marlet Property Group as we prepare to deliver our first student accommodation buildings and continue to expand our diverse portfolio. There is a significant need to deliver purpose-built student accommodation given the acute shortage of bed spaces in the Dublin market. We are proud to be able to provide a high-quality option to the many thousands of students who want to reside in close proximity to their chosen campus.”

Paul Corry, Managing Director at Cardinal, said: “At a time when many developers find funding to be difficult to obtain, Cardinal is delighted to finance Marlet’s quality student accommodation scheme. We are always happy to get behind professional developers with a good track record, and few have proven their ability to deliver excellent developments as consistently as Marlet.”

The Prussia Street development will be completed by Q3 2024 and will immediately prepare to welcome students ahead of the 24/25 academic year. As with all Marlet developments, Prussia Street will deliver on our sustainability credentials with courtyards providing light and garden space, instilling a greater sense of home and intimacy. Access and bike parking will be easily facilitated with three set-down/drop-off car parking spaces and 120 sheltered bicycle spaces.

About Marlet Property Group

Since the acquisition of the first site in 2014, Marlet has grown to become one of Ireland’s largest independently owned property companies. Marlet now controls and manages property assets valued at over €2.5bn for its investors. The hallmarks of its portfolio are quality and diversity with assets ranging from development sites to completed apartments, office blocks, student accommodation, hotels, and retail parks.

About Cardinal

Established in 2003, Cardinal is Ireland’s largest provider of alternative investment capital, with a specialist focus on mid–market private equity and real–estate finance.

Media Contacts

Marlet Property Group:

Roisin Sweeney

roisin.sweeney@marlet.ie

Enda Higgins

enda.higgins@marlet.ie

Cardinal:

Tom McEnaney

McEnaney Media

tom@tommcenaney.ie