Round Hill Capital and NBK Capital funds have acquired a 1.5-acre site for an €83m student accommodation development in Ireland.
The Round Hill and NBK partnership, on behalf of the unnamed funds, has made their fourth student accommodation investment in Ireland with the acquisition of the €10.3m site for the new 412-bed project on Bandon Road, Cork City.
Bandon Road will be ready for occupation in September 2022, the companies said, adding that Nido Student will manage the development.
The Round Hill Capital and NBK partnership, which targets a portfolio of over 2,000 in Ireland, currently has a portfolio of almost 1,350 beds under development.
Previous deals include the acquisition of The Liberties area site of Dublin 8 in March and the acquisition of a 145-bed development on Farranlea Road in Cork in December 2018.
Michael Bickford, founder and CEO at Round Hill Capital, said: “We appreciate that areas of the student and residential housing markets in Ireland suffer from structural supply and demand imbalances and we look forward to helping alleviate these pressures and further expanding Round Hill Capital’s business in Ireland and across Europe.
“Now more than at any time since the global financial crisis, institutional investors need investments that provide stability. Accommodation is one of the few asset classes that can offer truly resilient long term returns in this environment providing the right investment, development and asset management strategies are employed.”
John Vaudin, managing director at Round Hill Capital Ireland, said: “Round Hill Capital has significant capital to deploy into its strong and growing pipeline of investment opportunities in the purpose-built student accommodation and build-to-rent and sectors in Ireland.”
Faisal Al-Hamad, CEO of NBK Capital, said: “NBK Capital is pleased to continue to partner with Round Hill Capital to fund student accommodation developments in Ireland.
“Cork is an attractive city with high-quality third-level education institutes, and we are delighted to be able to play a part in contributing to the city’s redevelopment and providing much-needed student accommodation.”
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