Round Hill Capital, an international real estate investment firm, and NBK Capital, have bought a 368-bed student accommodation development in The Liberties area of Dublin 8.
NBK Capital, a Middle Eastern investment company, will help fund the development.
The development has a value of €85m.
The site was purchased from Summix, an urban mixed-use regeneration project specialist.
Round Hill Capital plans to partner Summix on additional student accommodation developments in Ireland.
This is Round Hill Capital’s third student accommodation investment in Ireland, following 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 Dublin 9.
Round Hill Capital currently has under development over 7,000 apartments and student accommodation beds in the UK, Spain, Portugal, Sweden, the Netherlands and Ireland.
As well as student accommodation, it also has plans to invest in Ireland’s build-to-rent accommodation market.
Michael Bickford, founder and CEO at Round Hill Capital, said: “We recognise that areas of the student and residential housing markets in Ireland suffer from persisting structural supply constraints and we look forward to helping alleviate these pressures and significantly further expanding Round Hill Capital’s business in Ireland and across Europe.”
Nido Student, a European student accommodation platform, will manage the development.