Canadian giant QuadReal and Round Hill Capital have completed a second Dublin PRS acquisition close to their first, once again buying from the Cosgrave Group.
Their joint venture has forward purchased Blackwood Square in the city’s Northwood area in Santry, for €123.5 mln.
The build-to-rent scheme will start on site later this month and will provide 297 flats in four buildings, with phased completions in 2021 and 2022.
In 2018 Round Hill and QuadReal made their first Irish residential investment together, buying Bridgefield which is opposite Blackwood Square.
The growing PRS complex is located next to Cosgrave Group’s Gulliver’s Retail Park where global furnishings store JYSK of Denmark joined the line up in the summer.
QuadReal Property Group, which manages a $44 bn portfolio, has made residential real estate one of its key investment themes globally. The investment manager is buying fellow Canadian and JV partner Realstar’s London PRS and student portfolio, which was put up for sale earlier this year for £570 mln.
Round Hill Capital said it has acquired and repositioned for long-term institutional ownership over 110,000 residential units and student housing beds since the firm launched in 2002.
It has made another four acquisitions in Ireland: in October 2020, Round Hill announced the acquisition of a €10.3m student accommodation site in Cork with NBK Capital for a 142-bed PSBA development with a GDV of €83m; it has the 145-bed Curraheen Point development in Cork, and a 275-bed development on Washington Street; plus a 368-bed student housing project in The Liberties in Dublin.
