30.07.2015 - Ireland Strategic Investment Fund forms residential lending platform with KKR
The Ireland Strategic Investment Fund, Dublin, Ireland, formed a €500 million ($549 million) joint venture with KKR Credit, which will lend to Irish residential development projects. The joint venture, Activate Capital, is a lending platform that could finance the construction of more than 11,000 new homes in Ireland. The platform will lend on a commercial basis to projects, providing companies with loans for up to 90% of the total financing needed. The €7.6 billion ISIF is contributing €325 million toward the joint venture — the biggest single investment yet by the ISIF, it said in a statement on its website. KKR will provide the remaining €175 million. Robert Gallagher, director at KKR responsible for the firm's investing activities in Ireland, becomes CEO of Activate Capital...............................................Full Article: Source
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