The Ireland Strategic Investment Fund (ISIF), part of the National Treasury Management Agency (NTMA), has today announced a commitment of €35.5m to Timbercreek Capital’s second Ireland focused Real Estate Fund, which will provide bespoke loans for the refurbishment of existing buildings and change of use, across all sectors of the Irish real estate market.
The fund, which recently announced its final close at €123.5m, will focus on lending to experienced property investors and developers that require loans ranging from €5m to €40m. The fund is expected to have a significant impact in Dublin, where at least 60% of its capital will be invested and will support the delivery of new residential units by funding the refurbishment of previously vacant, derelict or underutilised properties.
Timbercreek is a Canadian alternative real estate investment manager. It launched its first real estate debt fund in Ireland in 2017, which is now fully deployed.
This commitment aligns with ISIF’s housing and enabling investments and urban regeneration impact themes and will see properties across Ireland benefit from this financing to repurpose existing buildings.
Sarah Hickey, Senior Investment Director at ISIF said:
“Delivering investments that will provide housing in a highly sustainable way is a core focus for ISIF. This commitment to Timbercreek’s second Real Estate Ireland Fund is aligned with that focus and supports ISIF’s target of providing 25,000 new homes by 2030 through a range of debt and equity investments.
Through its lending process, Timbercreek will unlock new and sustainable housing and enable the repurposing of under-utilised buildings that may have lain derelict. We look forward to working with Timbercreek into the future.”
Blair Tamblyn, CEO of Timbercreek said:
"We are excited to collaborate with such a distinguished investor as ISIF. We believe there is a natural alignment between our investment strategy and ISIF’s strategic objectives. ISIF joins the ranks of our existing institutional partners. We view this commitment as a great vote of confidence and trust in our platform. We are very pleased with the performance of the Fund to date and the funding opportunities we are seeing in the market.”
