European developer-investor Round Hill Capital said on Tuesday that it has received a 'strategic minority' investment from Dyal Capital Partners, a division of privately-held investment manager Neuberger Berman.
Details of the transaction - Dyal’s first investment in a European real estate investment manager - were not disclosed.
Under the terms of the deal, Dyal has acquired a passive, non-voting minority stake in the firm. There will be no changes to Round Hill’s strategy, investment process or day-to-day operations, Round Hill added.
Commenting on the investment, Michael Bickford, founder and CEO of Round Hill Capital, said that the investment 'is an important milestone in the growth of the firm and marks an important new phase of Round Hill’s global expansion plans'.
'This investment allows Round Hill to continue to strategically focus on penetrating its existing real estate markets alongside our institutional investor base and to continue to expand into new sectors and global geographic locations. Our target remains to grow Round Hill to be one of the pre-eminent global real estate investment firms,' he added.
Round Hill Capital has invested more than €6.5 bn of capital in real estate assets since its inception in 2002. In total it has acquired and managed more than 100,000 residential units across Europe and is currently one of the largest private landlords in several countries.
Michael Rees, head of Dyal Capital Partners, added: 'Round Hill has built a market leading global real estate platform with a long-term proven track record of sourcing and structuring exceptional real estate investments. With Dyal’s permanent capital investment and our business platform resources, we believe Round Hill will be able to further enhance its market position as one of the leading global real estate investment managers. We look forward to long and productive relationship with the Round Hill team.'
Evercore and PWC acted as investment advisors. Simpson Thatcher & Bartlett served as legal counsel to Round Hill Capital. Fried Frank served as legal counsel to Dyal.