UK-based investment firm RoundShield Partners has agreed with Irish debt advisory firm New Beginnings to provide up to 50 million euros ($56.7 million) in financing in social housing deal.

Under the pact, New Beginnings will purchase, refurbish and manage residential properties for RoundShield.

RoundShield said that the properties it acquires will be let to local authorities for use as social housing under leases of 25 years.

Recently, New Beginnings, via its Irish social housing fund, was purchasing residential properties to support Irish local authorities in the provision of social housing.