The liquidation of a UK-based business will not hit property investor Round Hill Capital’s Irish operations, the group said on Tuesday.
Round Hill confirmed that that is liquidating RHC Europe LLP, the legal entity that employs most of its UK-based staff, as part of a reorganisation.
However, a spokesman said the “Irish platform and its operations are unaffected, it is business as usual, as it also is for Round Hill Capital’s wider European platform”.
An affiliate, Nido, that specialises in student accommodation and has some properties in the Republic, is also unaffected.
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Round Hill and SFO Capital Partners last year bought the 112-house Bay Meadows development close to Blanchardstown in Dublin to rent out the properties as the estate was completed.
The investor did not go through with an earlier deal to buy new homes in an estate in Maynooth, Co Kildare.
"We have a fundamental misunderstanding of our housing need."
Nido has three complexes in Cork, on Farranlea Road, Bandon Road and Washington Street, and one in Newmarket in Dublin.
Round Hill has assets worth around $6 billion (€5.8 billion). The business operates in Europe, New York and Singapore, investing in residential, student and industrial property, and in development.
The company said it has been working on a reorganisation for several months as it expected a slowdown following several years of growth.
“The liquidation process forms part of this operational reorganisation and applies solely to RHC Europe LLP, the legal entity responsible for employing the majority of UK-based staff,” said Round Hill.
The business did not comment on the redundancies themselves but noted that it expected a significant number of affected workers to take up alternative posts across the wider group.
Round Hill added that the process had been difficult.
