Round Hill Capital and QuadReal Property Group have expanded their joint venture partnership in Ireland with a €200 mln additional commitment.
The added capital will be used to forward fund the purchase of high-quality multi-family rental assets across Ireland, focusing on apartment blocks in the country’s main cities, including Dublin.
The announcement brings the partnership’s total funding commitment to Irish housing to €575 mln.
Said Michael Bickford, founder and CEO of Round Hill Capital: 'We are delighted to continue our successful partnership with QuadReal to provide much needed high quality rental opportunities that underpin Ireland’s growing economy.
'Multi-family rental accommodation has proven to be a resilient, long-term investment for institutional investors.
'This partnership is a sign of confidence in our growing strengths and capabilities not only in the Irish market, but also our knowledge and expertise in putting tenant experience first to unlock strong yields from high-quality rental accommodation. We look forward to announcing new transactions under this partnership in the near future.'
The partnership, which was launched in 2018, has already deployed around €375 mln in rental assets across Dublin.
This includes the acquisitions of Bridgefield in 2018, Blackwood Square in 2020 and Carriglea in 2021, delivering a total of 868 apartments for private rent, with construction works expected to be completed for both projects by Q3 2024.
Round Hill Capital has already made eight investments in the country over the past 4 years, and said it had a strong pipeline in place.
Jay Kwan, managing director, head of Europe, international real estate of QuadReal Property Group commented: 'Our global residential experience, with a portfolio of 50,000 rental units, gives us insight and the courage of our conviction to extend the successful partnership with Round Hill Capital in such a compelling market as Ireland.
'We admire what Round Hill Capital has accomplished in the market and are excited to continue our investment strategy there. We will continue to provide high quality, modern and amenitized housing to a chronically undersupplied market.'
John Vaudin, managing director Round Hill Capital commented: 'For too long now, Ireland has been dogged by a chronic undersupply in housing, which has led to inflated house prices in both the rental and private markets.
'We have a long-term investment strategy in Ireland, and are resolute in our mission to help deliver the homes that Ireland’s growing economy requires.
'The extension of our partnership with QuadReal will give us the expertise and investment capacity to meet this challenge now, providing families with high quality housing for private rent in prime locations with great transport links and amenities.'
