Round Hill to invest €1b in Irish resi and student digs assets

Round Hill Capital said on Wednesday that it has over €1 bn of dedicated capital to deploy into the Irish build-to-rent and purpose-built student accommodation sectors.

The company, which last month teamed up with QuadReal to forward purchase a 216 bed build-to-rent development scheme in North Dublin, said that it is now joining forces with Middle Eastern investor NBK Capital to acquire a 1 acre (0.38 ha) site with planning permission in Cork.

The site allows for the development of a mixed-use project including 145 purpose-built student accommodation (PBSA) beds and facilities, with a gross development cost of €19 mln.

Round Hill and NBK are also planning the acquisition and development of further PBSA schemes in Cork, Dublin and Galway, with a view to delivering over 1,200 beds with a gross development cost of around €100 mln.

The development site acquired in Cork is located close to the city centre, and will be managed by Nido Student, Round Hill’s established operational platform and brand for European student accommodation. Nido Student acts for Round Hill advised and third-party capital partners across Europe.
The deal represents Round Hill's first student housing acquisition in the country, according to Michael Bickford, founder and CEO of Round Hill Capital. 'Round Hill has been evaluating and investing into European student and residential markets for several years and is pleased to make its first investment into student accommodation in Ireland. We recognise that areas of the student and residential markets in Ireland suffer from persisting structural supply constraints and we look forward to helping alleviate these pressures on housing.'

'Thanks to its growing economy, Ireland continues to attract increasing numbers of students, both locally and internationally, and we look forward to playing an integral role as Ireland grows into one of the world’s leading university locations,' said John Vaudin, managing director Round Hill Capital (Ireland). 'We are continuing to build on our residential-led property strategy across Ireland, bringing over €1 bn of dedicated capital to deploy into these sectors coupled with our expertise in investing in and operating student accommodation and residential assets across Europe.'


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