A joint venture of Round Hill Capital and SFO Capital Partners has announced the acquisition of Bay Meadows, a new suburban family home development in Dublin, Ireland, for an undisclosed amount.
Upon completion, the scheme will provide 112 new, high-quality suburban family homes to rent. The transaction is the first for the newly formed partnership established last month.
Situated in Dublin 15, Bay Meadows will provide a mix of two to four-bedroom homes, located close to primary and secondary schools as well as to the Northwest/Ballycoolin Business Park.
Construction is already underway, and the development will be handed over in six phases, with the first completing in May 2021, and the final phase, in early 2022.
Property specialists, Dillion Marshall, have been appointed as the property management partner.
The venture plans to build on this first deal over the coming years to expand its housing strategy across Ireland. Mohamad Abouchalbak, CEO at SFO Capital Partners, said: ‘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.’
‘We look forward to building on the first success of this venture to further expand our portfolio across Ireland,’ said Michael Bickford, founder and CEO at Round Hill Capital. ‘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 PRS investment market in Ireland over the past three years.’
