The joint venture established by Round Hill Capital and QuadReal has forward purchased Blackwood Square in north Dublin for €123.5m.
Once completed, the build-to-rent scheme will provide 297 apartments. Construction will start this month and Round Hill Capital will oversee development. Completion of the first phase is expected in October 2021, and the final phase will complete a year later. Cosgrave Property Group is the developer.
The deal is the second investment Round Hill Capital has made with QuadReal in Ireland. In 2018 the joint venture bought a 216 apartment PRS scheme called Bridgefield, opposite Blackwood Square and also being developed by Cosgrave Property Group.
Round Hill Capital founder and CEO Michael Bickford said: “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.”