Clyde Real Estate Taps PMM For €20m

19 Feb 2020 | 12.24 pm

Clyde Real Estate Taps PMM For €20m

Sean Gallagher and Colm Piercy’s property venture

19 Feb 2020 | 12.24 pm

Clyde Real Estate,  led by Sean Gallagher and Colm Piercy has secured €20m of debt finance from UK based real estate asset manager, PMM Group.

Gallagher (pictured) said the loan facility will be used to part finance Clyde’s acquisition 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.

Clyde Real Estate was set up in 2015. Gallagher previously founded Smarthomes and his book ‘Secrets to Success – Inspiring Stories from Leading Entrepreneurs’ was a bestseller in 2018. The entrepreneur also ran for President of Ireland on two occasions.

Piercy is the founder of internet provider Digiweb which later went on to acquire Smart Telcom and Viatel, and is now a leading independent provider of telecoms, Cloud and Security. Piercy is also active in the data centre sector, predominantly in the US.

Clyde Real Estate’s current tenants include a mix of Irish businesses as well as global firms such as Intel, Nokia and Citibank.

Gallagher, CEO of Clyde Real Estate, commented: “Over the past five years our strategy has been to acquire and asset manage a number of significant properties 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.”

Founded in 2006, PMM Group is an alternative asset management company that originates and manages real estate and real estate debt investments. The real estate finance team focuses on senior and mezzanine financing in Europe with expertise in underwriting real estate fundamentals and backing borrower business plans.

PMM’s Gareth Williams stated: “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.”

 

 

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