Timbercreek launches Irish commercial property lending business

Canadian property investment firm, Timbercreek Asset Management, has launched its Irish commercial property lending business, with €200m available to support property investment projects.

Paul Roddy will lead Timbercreek’s Irish platform, building upon its 10 year and €4bn commercial property lending global track record.

Timbercreek is targeting loans sized from €1m to €50m 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.

€200m available to lend in multi-sector strategy

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.”

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Bradley Trotter, Managing Director, US and European Debt, Timbercreek, said: “Timbercreek is an expert property lender with a long and consistent track record originating and managing €4bn in loans in Canada, the US and the United Kingdom, and we are excited about expanding our business into the Irish market. Ireland is a growing economy, with good economic and commercial real estate fundamentals. We are ready to partner immediately with property investors who have viable projects requiring finance, and believe we can provide competitive commercial terms and execute with speed and certainty.”

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