Europe: Round Hill Capital has closed its European Residential Income Fund II (ERIF II) with around. €440 million of equity commitments.
The fund will invest in multifamily opportunities in locations “that have strong transport links, positive demographic trends, and persisting supply/demand imbalances”.
The closing follows a final tranche of €90 million raised from a French listed fund and an Asian public pension fund. They join nine existing institutional investors in the fund – comprising a range of state pension funds, insurance companies, financial institutions and family offices.
Round Hill Capital, which put its European arm in to liquidation in December last year, has already built a portfolio for ERIF II. The fund has 2,050 units under management and has significant capital still available to invest. The closing of the fund follows the acquisition of a 324-unit BTR scheme in Aarhus, Denmark, in February 2023. The fund’s assets span five countries – Germany, Ireland, the Netherlands, Denmark and Finland.
Michael Bickford, CEO of Round Hill Capital, said: “To have raised close to €440 million for ERIF II is a significant endorsement of both Round Hill Capital’s continued track record of driving client returns through the cycle, as well as the continued appeal of residential asset classes. We established ERIF II to invest for the long term and to date we have established a high-quality portfolio of multifamily assets across Europe, which are performing ahead of benchmark despite the challenging and volatile market conditions. With more than half of the Fund’s capital available to invest we are well placed in the current environment, which is creating some very interesting opportunities.”
