Canadian firm QuadReal Property Group and asset manager Round Hill Capital have acquired a 216-bed build-to-rent development in Dublin 9 in Ireland for a new joint venture.
Financial details were not disclosed.
Located at Northwood, Santry, Dublin 9, the asset is being built by Dublin-based Cosgrave Property Group and will comprise three one-bed, 195 two-bed and 18 three-bed apartments across three separate six-storey buildings. The scheme represents the JV’s first built-to-rent investment in Ireland as part of a wider Irish residential strategy.
Residents are expected to take occupancy in Q3 2019.
'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,' said Michael Bickford, founder and CEO of Round Hill Capital. Bickford added that the firm had over €1 bn of capital to deploy into the local build-to-rent and purpose-built student ccommodation sectors.
'The QuadReal global team takes a research-based approach to investment and management of our portfolio,' said Jay Kwan, managing director, head of Europe for QuadReal.
'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.'
