British real estate firm buys student accommodation development in Cork
A British property firm has acquired a site in Cork with planning permission for student accommodation.
London-based Round Hill, together with NBK Capital, an investment company in the Middle East, will immediately proceed to construct a mixed-use project on the site, which will include 145 purpose-built student accommodation beds and facilities.
It is understood the development cost of the Cork project is approximately €19m.
The two companies also plan on acquiring and developing purpose-built student accommodation schemes in Cork, Dublin and Galway, that will deliver in excess of 1,200 beds. The cost of these developments is understood to be around €80m.
Round Hill is among the latest in a wave of companies, funds and so-called real estate investment trusts (REITS) that are radically changing Ireland's traditional housing market and student accommodation sector by buying or building entire blocks of accommodation to be rented long term.
The company has over €1bn to invest in build-to-rent and student accommodation in Ireland.
John Vaudin, MD Round Hill (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."
The building in Cork will be managed by Nido Student, Round Hill’s established operational platform and brand for European student accommodation.
Round Hill 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.