A new joint venture between real estate development and investment company Round Hill Capital and QuadReal Property Group has agreed to forward purchase a 216-unit build-to-rent scheme in Northwood, Dublin 9.

The deal is understood to be valued at around €84M.

The Bridgefield development is being built by Cosgrave Property Group and is expected to be ready for occupation in Q3 2019.

The scheme comprises three one-bed, 195 two-bed and 18 three-bed apartments across three six-storey buildings. Common areas and amenities for residents include a gym, a concierge/reception area, a crèche, a playground and off-street car and bicycle parking. The garden links directly on to Santry River Park and on to Santry Demesne Park.

It is the first acquisition in Ireland for the joint venture and for each of the partners.

In August, Round Hill opened a Dublin office to lead a planned €1B-plus investment in the local build-to-rent and student accommodation sectors. The company has bought more than €6.5B of European assets since being set up in the U.K. in 2002.

“The Round Hill Capital team is bringing its extensive international experience and more than €1B of committed capital to deliver much needed housing to Ireland by investing for the long-term,” Round Hill Capital Managing Director, Ireland John Vaudin said.

Owned by British Columbia Investment Management Corp., one of Canada’s largest institutional investors, Vancouver-headquartered QuadReal has a C$25B real estate portfolio spanning 23 cities in 17 countries.

QuadReal Managing Director and Head of Europe Jay Kwan said his company’s global team takes a research-based approach to the investment and management of its portfolio.

“This discipline and our experience in investing in purpose-built residential drives our conviction to invest in Ireland,” he said.