Ardcairn taps M&G fund to provide loans for Irish housing projects

Development finance lender is targeting small- and medium-sized developers

The company says it aims to provide enough capital to fund the building of 10,000 homes over the next five years. Photograph: iStock

The company says it aims to provide enough capital to fund the building of 10,000 homes over the next five years. Photograph: iStock

 

Ardcairn Capital, a development finance lender, is partnering with M&G Investments to provide debt finance for housing projects in the Irish market.

The company says it aims to provide enough capital to fund the building of 10,000 homes over the next five years. It declined to say how much it intends to lend into the Irish market overall.

Ardcairn is targeting loans to small- and medium-sized residential developers to fund the building of private or social houses and apartments. It says it will provide up to 90 per cent of the value of a project, with loans from €2 million and upwards.

The lender will tap capital from M&G’s Catalyst fund, which was created in February to provide financing to private projects globally. The global fund has up to £5 billion (€5.8 billion) of capital for projects around the world that tackle environmental or social problems.