PMM Group to spend in excess of €500m of capital across Ireland and the UK
Real estate investment manager PMM Group has announced that it is launching a commercial real estate finance platform in Ireland - PMM Estate Finance (PMM REF).
In a statement today PMM REF said it has plans to deploy in excess of €500m of capital over the next three years across the Irish and UK markets.
Its investment strategy is focused on areas with strong borrower demand, which the company said would bridge the "substantial liquidity gap" left by Irish banks since the credit crisis.
In launching its commercial real estate lending business, Domhnall Gaffney, who will lead the Irish operations, and Gareth Williams have joined the company as partners.
The duo have over 30 years combined experience in the European commercial real estate loan market.
The company will provide senior and mezzanine finance for the acquisition and refinancing of commercial property, in loan seizes range from €5m to €25m.
"The opportunity for non-bank lenders in Ireland is growing and access to finance remains challenging for domestic borrowers, especially for smaller loan amounts at higher loan-to-value’s.
Rather than just price, certainty of deal execution and high levels of customer service are becoming an increasingly important consideration," Mr Gaffney, said.