PMM Group, the UK real estate asset manager, today announces a €20 million loan to Clyde Real Estate, the commercial property company set up by Ireland’s former Dragons’ Den investor, Sean Gallagher and business partner Colm Piercy.
The loan facility will be used to refinance part of Clyde’s current portfolio comprising of mixed–use office and manufacturing sites in Dublin, Shannon, Dundalk and Carlow, as well as a significant office and residential development site in Cork. Set up in 2015, Clyde Real Estate’s current tenants include several global blue-chip firms such as Intel, Nokia and Citibank.
PMM tailored the facility to support Clyde’s ongoing acquisition and development strategy. With more than £750 million of assets, across Ireland, the UK and Germany, PMM provides a range of real estate investment opportunities to leading global investors. Since its inception in 2017, the Fund has loaned over €120m across the UK and Ireland, including supporting Westpark Shannon Ltd with a €30 facility to refinance the Westpark Business Campus, and a £14m loan for the refinancing of Laing O’Rourke’s Explore Industrial Park in Nottinghamshire.
Gareth Williams, Head of Real Estate Finance at PMM commented: “We are pleased to be able to support Clyde Real Estate, one of Ireland’s leading real estate investors, as we continue to grow our portfolio of high-quality loans. This is our first transaction alongside Clyde Real Estate and are delighted to support not only their current asset mix but their overall strategy. We look forward to continuing to work with them in the future.”
Sean Gallagher, CEO and Founder of Clyde Real Estate said: “Over the past five years our strategy has been to acquire and manage a number of significant properties both in suburban Dublin and Cork as well as in major regional locations. We have also been successful in divesting a number of key assets to a mix of international data centre companies and global investment funds including Equinix (USA), Corum (France), Keppel Date Centre REIT (Singapore) K2 Data Centres, (part of the Kuok Group in Singapore) and Fine Grain Property (Ireland and Singapore). We are pleased to have partnered with PMM on this tailored debt facility which will support our ongoing objective of acquiring and developing additional commercial and residential sites throughout the country.”