Canadian property investment firm Timbercreek Asset Management has launched an Irish commercial property lending business, with €200m (£172m) available to support property investment projects.
Timbercreek is targeting loans of between €1m and €50m to sectors including office, retail, rental apartments and hotels. It will look at opportunities in Dublin and regionally.
Paul Roddy will lead Timbercreek’s Irish platform and is building an initial team of four people to run the business from offices in Merrion Square, Dublin 2. Roddy previously held senior positions with Hudson Advisors and IBRC.
The company co-invests and manages capital on behalf of Canadian institutional investors and pension funds, and can expand lending according to demand. As well as Canada, Timbercreek has also established lending operations in the US and UK, with a 10-year, €4bn lending record.
Roddy said: “Our plan is to replicate in Ireland Timbercreek’s North American success in supporting property investors with mid-sized commercial property loans, who are currently underserved by the traditional banking sector.
“Timbercreek’s philosophy is to build long-term relationships with customers and to deliver them a flexible service based on quick decision making and execution. We are establishing ourselves as a long-term lender to the Irish market, with the ability to recycle capital back into new loans.”
Bradley Trotter, managing director, US and European debt, at Timbercreek, added: “We are ready to partner immediately with property investors who have viable projects requiring finance, and believe we can provide competitive commercial terms and execute with speed and certainty.”
Timbercreek’s investment criteria will focus on:
- Strong sponsors seeking debt for projects in Dublin and across Ireland
- Asset focus on office, retail, industrial, PRS, student accommodation, mixed-use and hotels
- Target loan size of €1m to €50m
- 12-60-month term lengths, with flexibility on prepayment and structure
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