Canadian investment firm has €200m to support Irish property projects
Canadian property investment firm, Timbercreek Asset Management, has launched its Irish commercial property lending business, with €200m available to support property investment projects.
The Toronto-based group is targeting loans sized from €1m to €50m to sectors including office, retail, rental apartments and hotels.
The group currently has C$6.0bn (€4bn) in assets under its management on behalf of investors seeking alternative asset class investments, and has hired Paul Ruddy to lead it’s Irish platform.
Roddy has previously held senior positions with Hudson Advisors and Irish Bank Resolution Corporation.
Commenting on the announcement, Roddy said that the company wanted to become established as a long-term lender to the Irish market, “with the ability to recycle capital back into new loans.”
“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,” Roddy said.
Timbercreek will look at opportunities both in Dublin and regionally, offering flexible structuring, higher leverage, and speed of decision-making.