Ex-Ulster Bank executive joins Canadian firm Timbercreek
Canadian property investment firm Timbercreek has appointed Stephen Kenny to its global debt team to support its Irish commercial property lending business, which launched in May with €200m available to lend.
Timbercreek is targeting loans sized from €5m to €50m to sectors including office, retail, rental apartments and hotels.
Kenny joins Timbercreek from Ulster Bank, where he was responsible for corporate loans to the residential and commercial sectors. Prior to Ulster Bank he spent over 12 years at IBRC and its predecessor Anglo Irish Bank.
Paul Roddy, head of Timbercreek Ireland, said: "There is a strong market demand for the flexible structuring, higher leverage, and speed of decision-making that Timbercreek is providing.
"Stephen will allow us to effectively service this demand and establish a strong market position."
Kenny, whose title is senior originator with Timbercreek, said: "I look forward to being part of a team that will establish Timbercreek as a long-term lender to the Irish market, with the ability to recycle capital back into new loans."
Timbercreek co-invests and manages capital on behalf of institutional investors and pension funds. It has made €4bn in loans in Canada, the US and the UK.
Timbercreek is a leading player in the Canadian commercial property lending market and also has established lending operations in the US and UK.
Sunday Indo Business