Global real estate investment firm Round Hill Capital and Canada's QuadReal property group are to purchase a private rental sector apartment scheme in Santry in North Dublin from the Cosgrave Group for €123.5m.
Upon completion, the Blackwood Square scheme will provide 297 apartments to the private rental market.
Construction will start on Blackwood Square later this month with Round Hill Capital providing development management oversight.
The first phase of the development is set to complete in October 2021, with the final phase due by October 2022.
Blackwood Square is the second investment RHC has made with QuadReal in Ireland, following the joint venture purchase of Bridgefield in 2018, another 216 apartment PRS scheme that is opposite Blackwood Square.
The Cosgrave Property Group are the developers for both Blackwood Square and Bridgefield.
Michael Bickford, founder and CEO of Round Hill Capital, said today's deal shows the appetite of institutional investors for European and US accommodation.
"Rental housing has proven resilient throughout market cycles and is already being shown to be a defensive real estate sector amid the uncertainties caused by the Covid-19 pandemic. As a result, our pipeline across Europe and the US is strong, because investors recognise our 18-year track record of successfully investing in, developing and operating residential assets across Europe and the US," Mr Bickford added.
Jay Kwan, Managing Director, Head of Europe at QuadReal, said the company was happy to be expanding its relationship with Round Hill with this second investment together in Dublin.
"It's important for QuadReal to not only make attractive investments behind a high conviction strategy, but to also provide high quality, professionally managed and institutionally owned housing for Dublin residents," he added.
