A new joint venture, created by Round Hill Capital and SFO Capital Partners to invest in single-family rental (SFR) properties across Ireland, has announced its first deal.

The venture has acquired Bay Meadows, a new suburban family home development in Dublin. The scheme will provide 112 new, family homes to rent.

Construction is already underway, and the development will be handed over in six phases, with the first completing in May, and the final phase, in early next year. Financial details were undisclosed.

The venture, set up last month, plans to build on this first deal over the coming years to expand its housing strategy across Ireland.

Michael Bickford, founder and CEO at Round Hill Capital, said: “The counter-cyclical nature of the rental housing market means it is resilient to market cycles, as has been proven amid the economic uncertainties caused by the Covid-19 pandemic.

“As such, this transaction is yet further evidence of the strong appeal of the Irish build-to-rent sector for institutional capital, attracted by its resilient, long-term yields as well as the wider growth of the private rented sector investment market in Ireland over the past three years.”

Mohamad Abouchalbak, CEO at SFO Capital Partners, said: “Bay Meadows is a unique housing community in Dublin offering high specification units that are in-line with post-COVID 19 demands for spacious yet well connected homes.

“In that sense, the venture will continue to invest in the Irish residential market to bridge the critical housing need and cater for the influx of high-skilled workers in Dublin.

“We look forward to growing our footprint in Ireland and to further expand our residential investment strategy across Europe. This transaction demonstrates our ability to source, secure and manage high-quality assets in dynamic markets.”

John Vaudin, managing director at Round Hill Capital in Ireland, said: “We’re delighted to complete another significant deal in the Irish build-to-rent sector, marking the third build to rent accommodation deal for Round Hill Capital in Ireland since 2018.”

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