QuadReal and Round Hill Capital Joint Venture Acquires First Build-To-Rent Development Scheme in North Dublin, Ireland

QuadReal Property Group (QuadReal), and Round Hill Capital (“Round Hill”), a leading real estate investment, development and asset management firm, announce that their new joint venture (the “Joint Venture”) has 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 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 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 provide excellent 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.

Round Hill has been evaluating the Irish real estate market for several years and has over €1 billion of dedicated capital to deploy into the local build-to-rent and Purpose-Built Student Accommodation (“PBSA”) sectors. Ireland is enjoying a period of sustained economic growth leading to increasing demand for all types of residential accommodation, especially for well located, purpose-built accommodation, whilst supply constraints are causing structural imbalances and inflationary pressures.

Round Hill has a successful track record of investing in and operating residential and student accommodation assets across Europe. The Group has acquired, built and managed over 110,000 residential units and student housing beds in recent years and currently operates circa 65,000 in eight European countries. Round Hill’s approach incorporates multiple strategies, including acquiring existing assets, developing new purpose-built assets, forward-funding and repositioning assets across select towns and cities in Ireland, the UK, Spain, the Netherlands, Portugal and wider Europe.

Round Hill has a significant European residential and commercial development business with 10 projects on site with a total investment committed in excess of €1.2 billion. The Group’s current development programme will deliver over 6,700 homes/beds including build-to-rent, purpose-built student accommodation and apartments for sale with live development schemes in the UK, Spain, Portugal, Sweden, the Netherlands and now Ireland.

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.”

About Round Hill Capital:

Round Hill Capital is a leading global specialist real estate investment, development and asset management firm. Round Hill Capital has a long and proven reputation for successfully identifying and acquiring high quality real estate investments.

Round Hill Capital is a highly focused investor and is experienced in establishing and running first class operating companies, having invested more than €7 billion of capital in European real estate assets since its inception in 2002.

Round Hill Capital has a successful track record of investing in and operating residential and student accommodation assets across Europe. The Group has acquired, built and managed over 110,000 residential and student housing beds in recent years and currently operates circa 65,000 accommodation beds in eight European countries. Round Hill’s approach includes acquiring existing assets, developing new purpose-built assets, forward-funding and repositioning assets.

Round Hill Capital has an established track record of generating high risk adjusted returns and invests in and asset manages real estate with some of the world’s leading institutions and private investors.

Further information on Round Hill Capital is available at: www.roundhillcapital.com 

About QuadReal Property Group (www.quadreal.com)

Headquartered in Vancouver, British Columbia, QuadReal Property Group is a Canadian real estate investment, development and management company operating on a global scale. The company’s $24.5 billion portfolio spans 23 global cities across 17 countries. Owned by bcIMC, one of Canada’s largest institutional investors, QuadRealwas established to manage its real estate investment portfolio. QuadReal aims to deliver prudent growth and strong investment returns, and to create and sustain environments that bring value to the people and communities it serves.

Further information on QuadReal is available at: www.quadreal.com