Saturday 23 March 2019

US hedge fund founder David Grin is raising €150m for Dublin housing sites

Shovel-ready: Cara Infinity is targeting sites with full planning
Shovel-ready: Cara Infinity is targeting sites with full planning
Ronald Quinlan

Ronald Quinlan

US hedge fund founder David Grin is in the process of raising €150m from institutional investors to fund the purchase of several shovel-ready sites with full planning permission for up to 2,000 units in Dublin.

The financing, which will be provided by Mr Grin's latest Irish venture, Cara Infinity Investments, will target developments in key areas within the Greater Dublin Area (GDA), where it is expected that finished units can be sold for a minimum of €400,000 each.

Mr Grin told the Irish Independent his company intends to invest in sites with full planning permission and are primed for completion within 12-24 months.

He said: "The new homes market in Ireland continues to perform strongly, and there remains a significant unsatisfied demand for housing. There is excellent potential here to invest in sites with full planning permission and secured services, that have the capacity to be built out in the short term and that can go some way to satisfying the current under-supply."

David Grin is also chair of Lotus Investment Group, the Dublin-based investment management firm led by Ian Lawlor. Since its establishment in 2013, Lotus has lent over €300m to developers and other property players for the purchase of small and medium property assets. Cara Infinity Investments' €150m financing initiative is a wholly separate project focused solely on raising funds to buy sites that are ready to build out.

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