QuadReal Property and Round Hill Capital’s Irish residential property venture acquired a €123.5m private-rented sector scheme.
The partnership has agreed the forward purchase of Blackwood Square, a build-to-rent development in Dublin that will provide 297 apartments.
Blackwood Square’s apartments will cover 286,112sqft in total and will be spread across four buildings.
Construction will start on Blackwood Square later this month. The first phase of the development is set to complete in October next year, with the final phase in October 2022.
The Blackwood Square acquisition is the second deal Round Hill Capital has completed in Ireland with QuadReal, following the partnership’s purchase of Bridgefield in 2018, another 216 apartment PRS scheme that is opposite Blackwood Square.
Michael Bickford, founder and CEO at Round Hill Capital, said: “We are delighted to complete another significant deal in Ireland, demonstrating the appetite of institutional investors for European and US accommodation. QuadReal is a great partner who shares Round Hill’s long term investment strategy of investing in quality rental housing in Europe.”
John Vaudin, managing director at Round Hill Capital Ireland, said: “This is our second PRS investment in the Santry area of North Dublin, where we have found strong demand for our existing development at Bridgefield.”
Vaudin said the investment marks another step in Round Hill’s plan to create a long term PRS and student accommodation portfolio in Ireland.
Jay Kwan, managing director, head of Europe at QuadReal, said: “We’re excited to be expanding our relationship with Round Hill with this second investment together in Dublin.
“It’s important for QuadReal to not only make attractive investments behind a high conviction strategy but to also provide high quality, professionally managed and institutionally owned housing for Dublin residents.”
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