Business Irish

Wednesday 7 December 2016

Cardinal Capital readies new fund in major property boost

Published 05/06/2016 | 02:30

American investor Wilbur Ross Photo: Bloomberg
American investor Wilbur Ross Photo: Bloomberg

Cardinal Capital Group is preparing to launch a new property finance fund after faster-than-expected drawdowns from its existing €300m fund, the Sunday Independent understands.

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The American billionaire Wilbur Ross is an investor in the existing fund, the largest of its kind in Ireland.

A new fund would be a significant boon for the Irish property sector.

Paul Corry, who manages the existing fund, refused to be drawn on the future plans.

He said: "The demand for alternative finance from both property developers and investors alike has been much greater than the general market expected, although matching our initial expectations.

"Our first fund is well ahead of target and we intend to continue to grow with the Irish real-estate market opportunities."

Corry said he expected the current fund to be committed by the end of this calendar year and that his pipeline was "particularly strong at the moment", adding: "We're probably two years ahead of schedule in terms of the drawdown trajectory that we would have predicted."

The fund provides mezzanine finance to property players and is active across a wide range of deals: site acquisition, construction funding, investment and refinancing.

Johnny Ronan and ex-Leinster rugby player Paul Hennebry have reportedly made deals with the fund.

Cardinal was set up by Irishmen Nigel McDermott and Nick Corcoran.

McDermott was a founding director of Dermot Desmond's International Investment & Underwriting.

Sunday Indo Business

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