Round Hill Capital has acquired a 368-bed student accommodation development in The Liberties area of Dublin 8.
The site was purchased from Summix with whom Round Hill Capital plans to partner on additional student accommodation developments in Ireland.
The development, located on the former Brewery Block site adjacent to Newmarket Square, will preserve protected structures and celebrate the heritage of the surrounding location.
The building will integrate a five-storey red brick tower and the façade of the now derelict warehouses that currently occupy part of the site. The project has a gross development value of €85m (£77.5m)
Construction of the new development will commence in July 2020 and is scheduled to be ready for occupation in September 2022 and in time for the 2022/23 academic year.
Nido Student will manage the development, an established operational platform and brand for European student accommodation.
Michael Bickford, Founder and CEO at Round Hill Capital, said: “Round Hill Capital has an 18-year track record of successfully investing in, developing and operating residential and student accommodation assets across Europe and we are pleased to have acquired this prime 368-bed purpose-built student accommodation development project in Dublin, Ireland, which is well-located within the Newmarket regeneration area.
”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.”