Pollen Street Capital to back Irish property development deals
Pollen Street Capital (PSC) has sealed yet another alternative lending partnership, this time in Ireland.
The venture capital firm will provide backing for Dublin-based property lender Elgin Development Finance to fund up to €300m (£252m) of loans over the next three years.
The funding will help back developments for housing projects as well as other assets such as care homes, student accommodation and hotels.
“This is an exciting time to enter the market in order to provide finance for small – and medium-sized developers and builders in order to assist with the delivery of much needed housing for Ireland, as well as supporting the living sector with much needed funding following underdevelopment over the past 10 years,” Elgin Property Finance said in a LinkedIn post.
It follows a similar partnership launched in February between specialist property lender Beaufort Capital and PSC to fund the development of UK housing, student accommodation, care homes and other mixed-use assets.
Beaufort Capital has developed more than five million square feet of UK real estate over more than 50 years while PSC has invested over £1.3bn in senior real estate funding during the past four years via its model of partnering with specialist lenders.
PSC also has a funding relationship with Downing to finance property projects.
Last month it emerged that Honeycomb Investment Trust is acquiring PSC, with the aim of creating a combined group with assets under management of up to £5bn in the next few years.