Irish commercial property lending business launched by Timbercreek
Canadian property investment firm, Timbercreek Asset Management, has launched its Irish commercial property lending business, with €200 million available to support property investment projects.
Paul Roddy will lead Timbercreek’s Irish platform, building upon its 10 year and €4 billion commercial property lending global track record. The company is targeting loans sized from €1 million to €50 million to sectors including office, retail, rental apartments and hotels. It will look at opportunities in Dublin and regionally, offering flexible structuring, higher leverage, and speed of decision-making.
Timbercreek co-invests and manages capital on behalf of Canadian institutional investors and pension funds and has the ability to expand lending capacity further to meet demand. Timbercreek is a leading player in the Canadian commercial property lending market and also has established lending operations in the US and UK.
Paul Roddy has been appointed to head Timbercreek’s Irish operations and is building an initial team of four people to run the business from offices in Merrion Square, Dublin 2. Roddy previously held senior positions with Hudson Advisors and IBRC.
Commenting on the announcement Paul Roddy, Head of Irish Debt, Timbercreek, said: “Our plan is to replicate in Ireland Timbercreek’s North American success in supporting property investors with mid-sized commercial property loans, who are currently underserved by the traditional banking sector. Timbercreek’s philosophy is to build long-term relationships with customers and to deliver them a flexible service based on quick decision making and execution. We are establishing ourselves as a long-term lender to the Irish market, with the ability to recycle capital back into new loans.”
Timbercreek’s investment criteria will focus on:
Strong sponsors seeking debt for projects in Dublin and across Ireland
Asset focus on office, retail, industrial, private rented sector apartments (PRS), student accommodation, mixed use and hotels
Target loan size of €1m to €50m
12-60 month term lengths, with flexibility on prepayment and structure
