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Montrose student complex closure could cost $26m

The renovation and closure of Hines Global Income Trust's Montrose student accommodation may cost $25m Expand

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The renovation and closure of Hines Global Income Trust's Montrose student accommodation may cost $25m

The renovation and closure of Hines Global Income Trust's Montrose student accommodation may cost $25m

The renovation and closure of Hines Global Income Trust's Montrose student accommodation may cost $25m

Sean Pollock Email

A subsidiary of property giant Hines has reported the renovation and closure of its Montrose student accommodation – initially due to fire safety concerns – may cost nearly $26m (€22m), up from $11m last August.

Hines Global Income Trust, which is understood to have no bearing on Hines’ other Irish assets such as Cherrywood, revealed the potential rise in costs in its recent annual results. It said the cost of renovation, which had gone beyond the original plan, at Aparto Montrose in Dublin had been estimated at around $21.9m. This had grown from an $8m estimate last August.

According to the results, the continued closure, due to construction delays caused by Covid-19, could lead to a reduction in revenue in excess of property expenses of around $4m. Hines Global Income Trust had estimated a revenue loss when it first shut the facility of up to $3m.

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