Round Hill and NBK Capital have acquired a 1-acre site with planning permission at Farranlea Road, Cork, and will immediately proceed to construct a mixed-use project including 145 purpose-built student accommodation (PBSA) beds and facilities. Round Hill and NBKC also plan the acquisition and development of further PBSA schemes in Cork, Dublin and Galway, that will deliver in excess of 1,200 beds. The development site acquired in Cork is located close to the city centre, with easy access to both University College Cork and Cork Institute of Technology. The building will be managed by Nido Student.
John Vaudin, Managing Director Round Hill Capital (Ireland), said: “Thanks to its growing economy, Ireland continues to attract increasing numbers of students, both locally and internationally, and we look forward to playing an integral role as Ireland grows into one of the world’s leading university locations. We are continuing to build on our residential-led property strategy across Ireland, bringing over €1bn of dedicated capital to deploy into these sectors coupled with our expertise in investing in and operating student accommodation and residential assets across Europe.”
Michael Bickford, founder and CEO of Round Hill Capital, said: “Round Hill has been evaluating and investing into European student and residential markets for several years and is pleased to make its first investment into student accommodation in Ireland. We recognise that areas of the student and residential markets in Ireland suffer from persisting structural supply constraints and we look forward to helping alleviate these pressures on housing. We are proud of our 15-year track record of investment, development and real estate operations across Europe, and we look forward to expanding Round Hill’s business in Ireland and across Europe.”
Faisal Al-Hamad, CEO of NBK Capital, said: “NBK Capital is pleased to partner with Round Hill Capital in funding student accommodation developments in Ireland, in line with our positive views towards the European purpose-built student housing sector. The stable and growing economy is a key attraction whilst allowing us to create long-term employment and assist in developing the local and wider community in a responsible manner. It is a pleasure to be able to play a part in helping to support Ireland’s growing reputation as a significant European investment destination.”