Round Hill Capital and NBK Capital have partnered to buy an Irish student accommodation development scheme and intend to acquire further schemes.

Funds advised by Round Hill and NBKC have acquired the 1 acre site with planning permission at Farranlea Road, Cork. The partners will proceed to construct a mixed-use project including 145 purpose-built student accommodation (PBSA) beds and facilities.

Financial details were undisclosed.

Round Hill and NBKC said they also plan the acquisition and development of further PBSA schemes in Cork, Dublin and Galway, that will deliver in excess of 1,200 beds.

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 in Ireland.

John Vaudin, the managing director at Round Hill Capital in Ireland, said: “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.

“We are continuing to build on our residential-led property strategy across Ireland, bringing over €1bn of dedicated capital to deploy into these sectors coupled with our expertise in investing in and operating student accommodation and residential assets across Europe.”

Michael Bickford, founder and CEO of Round Hill Capital, said: “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.”

Faisal Al-Hamad, CEO of NBK Capital, said: “NBK Capital is pleased to partner with Round Hill Capital in funding student accommodation developments in Ireland, in line with our positive views towards the European purpose-built student housing sector.

“The stable and growing economy is a key attraction whilst allowing us to create long-term employment and assist in developing the local and wider community in a responsible manner.”