Marlet Property Group has agreed a €384m (£338m) finance facility with AIG and Activate Capital to fund 1,100 homes across two of its developments, Grand Canal Harbour in Dublin and Claremont development in Howth, to the east of Dublin.
The two schemes also include 108,000 sq ft of retail and co-working space and 32,000 sq ft of amenity space.
Marlet’s Grand Canal Harbour development, providing 596 homes, will complete in Q1 2024, while its Claremont development will complete in 2025 and provide 512 homes.
Marlet chief executive Pat Creen said: “We view this record transaction as a significant vote of confidence in Marlet as a leading developer of exceptional residential and commercial real estate.”
Robert Gallagher, chief executive of Activate Capital, added: “This financing partnership with AIG comes at an opportune moment, facilitating the progression of scale apartment development in less certain times.
“The delivery of more than 1,000 high-quality, well-located apartments is going to make a meaningful and near-term contribution towards Dublin’s significant housing need.”
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