Round Hill Capital buys new Dublin development site
Property investment, development and asset management firm Round Hill Capital has bought a 368-bed student accommodation development in The Liberties area of Dublin 8.
The site was purchased from Summix, an urban mixed-use regeneration project specialist, with whom Round Hill Capital plans to partner on additional student accommodation developments in Ireland.
The site has a gross development value of €85m.
Construction of the new development is expected to start in July following the completion of demolition works.
The building of the development will take two years and it is due to be ready for occupation in September 2022 - in time for the 2022/23 academic year.
This is Round Hill Capital's third student accommodation investment in Ireland, after the acquisition of a 145-bed development on Farranlea Road in Cork in December 2018.
It has also invested in a 216-unit apartment development called Bridgefield in Santry, Dublin 9.
The firm currently has under development over 7,000 apartments and student accommodation beds in the UK, Spain, Portugal, Sweden, the Netherlands and Ireland.
Michael Bickford, founder and CEO at Round Hill Capital, said the company has an 18-year track record of successfully investing in, developing and operating residential and student accommodation assets across Europe.
"We are pleased to have acquired this prime 368-bed purpose-built student accommodation development project in Dublin, which is well-located within the Newmarket regeneration area," Mr Bickford said.
He said the company recognises that areas of the student and residential housing markets in Ireland suffer from persisting structural supply constraints.
"We look forward to helping alleviate these pressures and significantly further expanding Round Hill Capital's business in Ireland and across Europe," he added.