Round Hill Capital, an international real estate investment firm, and NBK Capital have bought a 368-bed student accommodation development in the Liberties, Dublin 8.
NBK Capital, a Middle Eastern investment company, will help co-fund the development, which has a value of €85m.
The site was purchased from Summix, an urban mixed-use regeneration project specialist.
Round Hill said it planned to partner Summix on additional student accommodation developments in Ireland.
Building of the new development will start this July, with the accommodation expected to be ready for students in September 2022 for the 2022-23 academic year.
The complex will include a gym, Wi-Fi, a cinema room, bike storage and study areas.
Michael Bickford, CEO of 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."
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, where prices start at €1,850 a month for a two-bed home.
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 has plans to invest in Ireland's build-to-rent accommodation market.
Nido Student will manage the development.
The Dublin 8 area of the capital city is becoming increasingly popular as a location to develop student accommodation.
The Chicago-headquartered investment firm Harrison Street, along with Global Student Accommodation Group (GSA), last month said they were developing a 235-bed student accommodation property in the area. The project includes 37 build-to-rent units.
The property, known as Sweeney's Corner, is scheduled for completion prior to the start of the 2021 academic year.