A newly created Irish residential property venture, set up by QuadReal Property Group and Round Hill Capital, has bought its first build-to-rent (BTR) development.

The partners said the joint venture will forward purchase a 216-bed development in Dublin 9 for an undisclosed sum.

The new development will provide three one-bed, 195 two-bed and 18 three-bed apartments across three separate six-storey buildings. Residents are expected to take occupancy in the third quarter of next year.

Round Hill said it has been evaluating the Irish real estate market for several years and has over €1bn of dedicated capital to deploy into the local build-to-rent and purpose-built student accommodation sectors. Round Hill has invested more than €7bn of capital in European real estate assets since its inception in 2002.

Michael Bickford, the founder and CEO of Round Hill Capital, said: “Round Hill has been evaluating and investing into European residential and student accommodation markets for several years and is pleased to make its first build-to-rent investment in Ireland, which like many European countries, is suffering from structural supply/demand imbalances.

Bickford said Round Hill is continuing to expand its business in Ireland and across Europe to deliver sustainable housing in line with its existing growth strategy.

John Vaudin, the managing director of Round Hill Capital in Ireland, said: “The Round Hill Capital team is bringing its extensive international experience and over €1bn of committed capital to deliver much needed housing to Ireland by investing for the long-term.

“We are delighted to have made our first build-to-rent investment in Ireland as part of Round Hill’s wider Irish residential strategy.”

Jay Kwan, a managing director and head of Europe for QuadReal, said: “The QuadReal global team takes a research-based approach to investment and management of our portfolio.

”This discipline and our experience in investing in purpose built residential drives our conviction to invest in Ireland. We are excited about launching this Joint Venture with Round Hill and look forward to investing further in this sector.”