Construction News

31/07/2015

ISIF With KKR Credit Form €500m JV

The Ireland Strategic Investment Fund (ISIF) together with KKR Credit has announced the launch of a new €500 million joint venture (JV).

The JV will transform the funding options available to the Irish house building sector and will be capable of financing the construction of over 11,000 new homes in Ireland.

Activate Capital will focus exclusively on lending to Irish residential development projects.

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The lending platform will facilitate home-builders in engaging on medium/large scale housing schemes, delivering a material increase in housing supply.

The ISIF will contribute €325 million towards the joint venture, with KKR providing the remaining €175 million.

Minister for Finance Michael Noonan TD said: "Today’s launch of the joint venture between the Ireland Strategic Investment Fund (ISIF) and KKR Credit is good news for jobs, growth, potential house purchasers, and the construction sector.

"Activate Capital will be an important source of funding for increasing the supply of medium to large housing developments. It will invest in the development and construction of housing, with €500 million of financing, which will assist in normalising the sector and addressing the housing shortfall."

(LM)

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