Round Hill Capital (RHC), a Delaware-based real estate firm, and NBK Capital, a subsidiary of the National Bank of Kuwait, have bought a 368-bed student accommodation development in The Liberties area of Dublin.
NBK Capital, the Middle Eastern investment company, will help fund the development, which has a value of €85m.
The site was purchased from Summix, a UK-based urban mixed-use regeneration project specialist.
RHC plans to partner wıth 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, and a 216-unit apartment development called Bridgefield in Dublin 9.
RHC 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.