QuadReal and Round Hill invest in Dublin BTR scheme (IE)

QuadReal and Round Hill invest in Dublin BTR scheme (IE)

QuadReal Property Group and Round Hill Capital have completed an agreement to forward purchase a high-quality 216-bed build-to-rent development in Dublin 9 in Ireland. This scheme represents the joint venture’s first built-to-rent investment in Ireland as part of its wider Irish residential strategy. The purchase price was not disclosed.

 

The high-specification development scheme is well-located at Northwood, Santry, Dublin 9, a prime residential area 15 minutes’ drive north of the city centre. The location benefits from easy access to extensive business, commercial, educational, medical, retail and leisure/entertainment facilities and has an excellent road, motorway, airport and future Metro connectivity.

 

The new development is being built by Dublin-based Cosgrave Property Group and will provide much needed rental accommodation in Dublin with three one-bed, 195 two-bed and 18 three-bed apartments across three separate six-storey buildings. It will also have dedicated common areas and amenities for all residents to enjoy including gym, concierge/reception area, crèche, playground and off-street car and bicycle parking. There is a landscaped courtyard and the garden links directly onto Santry River Park and onto Santry Demesne Park, one of Dublin’s finest networks of parklands. Residents are expected to take occupancy in Q3 2019.

 

Michael Bickford, Founder and CEO of Round Hill Capital, said: “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. We look forward to helping alleviate these pressures on housing and supporting long-term job creation through Round Hill’s proven 15-year successful track record of investment, development and real estate operations across Europe. We are continuing to expand Round Hill’s business in Ireland and across Europe in a responsible manner to deliver sustainable housing in line with our existing growth strategy.”

 

John Vaudin, Managing Director Round Hill Capital, Ireland, said: “Thanks to its robust and growing economy, Ireland continues to see strong and increasing demand for housing, but supply constraints persist. The Round Hill Capital team is bringing its extensive international experience and over €1 billion of committed capital to deliver much-needed housing to Ireland by investing for the long-term. We are delighted to have made our first build-to-rent investment in Ireland as part of Round Hill’s wider Irish residential strategy. This high-quality, well-located purpose-built development is in an excellent position at Dublin 9, with great transport links and an abundance of parkland, shops, restaurants and other leisure amenities and offices on its doorstep.”

 

Jay Kwan, Managing Director, Head of Europe for QuadReal, said: “The QuadReal global team takes a research-based approach to investment and management of our portfolio. 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.”

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