Ardcairn is providing €50 million for the development of 250 houses

Ardcairn Capital, an Irish development finance lender, has raised over £50m in the first eight months

Led by Daire McCarthy, the firm is backed by M&G’s £5bn Catalyst fund, which invests in private companies on behalf of Prudential policyholders and clients that address environmental and social issues such as Ireland’s housing crisis.

To date, Ardcairn has partnered with small and medium sized housing developers to deliver social and private housing projects in Wicklow, Meath, Kildare, Cork and Dublin and has capital for all locations in Ireland, with a pipeline to help with implementation from over 1,000 households.

“We have tied up a lot more capital for a lot more deals,” said a spokesman.

Despite recent interest rate trends, Ardcairn has not increased interest rates, which start at 6 percent.

When asked about reduced housing starts, the lender said it “saw lower demand in the first half, but as more certainty around the cost of construction holds, we’ve seen demand (for financing) increase.”

Of the 250 subsidized units, 70 percent were public housing and 30 percent private housing, with 67 percent being apartments and 33 percent being houses.

All apartments are either for private sale or social housing – there are no ‘privately rented’ units.

In addition, Emmet O’Reilly, former CFO of Activate Capital, has been appointed Senior Advisor. Ardcairn is providing €50 million for the development of 250 houses

Fry Electronics Team

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