Cullaun Capital On Track For €100m Lending

01 May 2019 | 10.21 am

Cullaun Capital On Track For €100m Lending

Finance provider for developers

01 May 2019 | 10.21 am

Newly established development finance lender Cullaun Capital expects to have lent out €100m within the next few months, having commenced operations just last year.

Cullaun offers ‘stretched senior finance’ to developers with a track record of delivering quality, supporting developments valued from €2m upwards. The firm is backed by TPG Sixth Street Partners, a global finance and investment firm with assets exceeding $30 billion.

Chief executive Stephen J Bell said: “The shortage of development finance is still a significant problem in Ireland, following many years of very little new building. There is a clear and long-term need for sustainable progress to be made with an estimated 50,000-plus deficit in house construction. 

“But this is not restricted to housing.  Many other sectors are being affected, including nursing homes, where there are thousands of beds required over the coming years.”

One of Cullaun Capital’s most recent deals was with Bartra Capital to help finance construction of two nursing homes. Beaumont will provide rooms for 221 residents and the Northwood development will provide for 118 residents.

According to Bell: “As the demographics of our population continue to change, the lack of quality nursing homes to provide adequate care is becoming more apparent. Developers with the specialist knowledge required to build these facilities need access to finance and, as a multi-asset class lender, we are able to provide it.

“Asset classes most in demand include private and social residential, nursing homes, and solutions for those who do not aspire to the traditional three-bedroom semi-detached house. All have something in common — a structural dislocation of supply and demand caused by demographic shifts and regulatory changes which have resulted in gaps that to date have not been fully addressed.”

Photo (l-r): Cullaun Capital co-founders Noel Ross, Daire McCarthy and Stephen Bell. (Pic: Fennell Photography)

 

 

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