Irish property developer Marlet Property Group has agreed a record €384 mln financing facility with AIG and Activate Capital to fund the construction of two of its landmark developments.
In total, the loan will finance over 1,100 apartments, 10,000 m2 of retail and co-working space and 3,000 m2 of amenity areas across Grand Canal Harbour in Dublin 8 and the exclusive Claremont development in Howth.
Located next to the Guinness Storehouse on the site of the original Grand Canal terminus, Grand Canal Harbour comprises 596 apartments and is due to be completed in Q1 2024. The Claremont development, centrally located in Howth Village is due for completion in 2025 and consists of 512 apartments.
Marlet CEO Pat Crean said ‘We are delighted to be working with the AIG and Activate Capital teams on these exciting and transformative developments. We view this record transaction as a significant vote of confidence in Marlet as a leading developer of exceptional residential and commercial real estate.’
Robert Gallagher, CEO of Activate Capital said: ‘We are pleased to expand our funding commitments with Marlet Property Group. This financing partnership with AIG comes at an opportune moment, facilitating the progression of scale apartment development in less certain times. The delivery of over 1,000 high-quality, well-located apartments, is going to make a meaningful and near-term contribution towards Dublin’s significant housing need.’
Since the acquisition of the first site in 2014, Marlet has grown to become one of Ireland’s largest independently Irish owned property development companies.
Activate Capital is a major specialist provider of development finance in Ireland. It was established in 2015 in partnership with Ireland’s Sovereign Investment Fund (ISIF) and global investment firm KKR.