Tuesday 21 November 2017

Sunderland boss raises €1bn to buy up Irish loans

Sunderland owner Ellis Short
Sunderland owner Ellis Short

Roisin Burke

Sunderland football club owner and fund titan Ellis Short has raised €1bn for Kildare Partners, his property investment vehicle, in a funding round that will target big loan book sell-offs in Europe, including Ireland.

It's expected that a chunk of the finance will go towards buying Irish distressed loan portfolios. "Kildare continues to be very active in the Irish market," a senior source said.

Kildare bought a €100m book of loans associated with Cork developer Michael O'Flynn in March. Its most recent acquisition was a €1bn office and hotel loan book acquisition from Deutsche Bank.

The capital raise took six months, it has been reported, with a further €350m worth of interested investors not able to come in, as it was oversubscribed. Funding came mainly from US investors. In Ireland, the fund is run by former Investec executive Emer Finnan.

In other happy news for Short (pictured), Sunderland guaranteed their place in next season's Premier League with a comfortable win over West Brom.

Short formerly ran Lone Star's Asian business, making his name by buying distressed loans after the financial crisis of 1997.

Sunday Indo Business

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