Round Hill Capital and QuadReal extend partnership with total commitment of €575m to Irish housing
Round Hill Capital, a leading global specialist real estate investor, developer and manager and QuadReal Property Group, both leading global real estate real estate investors, developers and managers, today announce the expansion of their joint venture partnership in Ireland. The €200m additional commitment will be used to forward fund the purchase of high-quality multi-family rental assets across Ireland, focusing on apartment blocks in the country’s main cities, including Dublin.
The evolution follows the successful launch of the current partnership in 2018, which has already deployed c.€375M in rental assets across Dublin. This includes the acquisitions of Bridgefield in 2018, Blackwood Square in 2020 and Carriglea in 2021, delivering a total of 868 high-quality apartments for private rent, with construction works expected to be completed for both projects by Q3 2024. Today’s announcement brings the partnership’s total funding commitment to Irish housing to €575m. Round Hill Capital has a long and successful track record of delivering much-needed, well-located accommodation for the private rental market in Ireland. The firm has already made 8 investments in the country over the past 4 years, and has a strong pipeline in place to address the ongoing supply and demand imbalance in the Irish residential market.
Michael Bickford, Founder and CEO of Round Hill Capital commented: “We are delighted to continue our successful partnership with QuadReal to provide much needed high quality rental opportunities that underpin Ireland’s growing economy. Multi-family rental accommodation has proven to be a resilient, long-term investment for institutional investors. This partnership is a sign of confidence in our growing strengths and capabilities not only in the Irish market, but also our knowledge and expertise in putting tenant experience first to unlock strong yields from high-quality rental accommodation. We look forward to announcing new transactions under this partnership in the new future.”
Jay Kwan, Managing Director, Head of Europe, International Real Estate of QuadReal Property Group commented: “Our global residential experience, with a portfolio of 50,000 rental units, gives us insight and the courage of our conviction to extend the successful partnership with Round Hill in such a compelling market as Ireland. We admire what Round Hill Capital has accomplished in the market and are excited to continue our investment strategy there. We will continue to provide high quality, modern and amenitized housing to a chronically undersupplied market”
John Vaudin, Managing Director Round Hill Capital commented: “For too long now, Ireland has been dogged by a chronic undersupply in housing, which has led to inflated house prices in both the rental and private markets. We have a long-term investment strategy in Ireland, and are resolute in our mission to help deliver the homes that Ireland’s growing economy requires. The extension of our partnership with QuadReal will give us the expertise and investment capacity to meet this challenge now, providing families with high-quality housing for private rent in prime locations with great transport links and amenities.”
About QuadReal Property Group
QuadReal Property Group is a global real estate investment, operating and development company headquartered in Vancouver, British Columbia. Its assets under management total $67.1 billion. From its foundation in Canada as a full-service real estate operating company, QuadReal has expanded its capabilities to invest in equity and debt in both the public and private markets. QuadReal invests directly, via programmatic partnerships and through operating companies in which it holds an ownership interest. QuadReal seeks to deliver strong investment returns while creating sustainable environments that bring value to the people and communities it serves. Now and for generations to come.
QuadReal: Excellence lives here.
About Round Hill Capital
Round Hill Capital is a leading global specialist real estate investment, development, and asset management firm. Since inception in 2002, Round Hill Capital has acquired and repositioned for long-term institutional ownership over 135,000 residential units and student housing beds. Round Hill Capital is a responsible landlord of assets offering housing to a range of occupants, from students through to senior citizens. Round Hill Capital has an established track record of positive returns and invests in and asset manages real estate on behalf of some of the world’s leading institutions and private investors. Further information on Round Hill Capital is available at: www.roundhillcapital.com.
For further information, please contact:
Round Hill Capital (Communications Advisers)