Initiative Ireland and Davy Global Fund Management’s Loan Fund

Simmons & Simmons advised Initiative Ireland and Davy Global Fund Management on the matter.

Initiative Ireland and Davy Global Fund Management established a loan originating fund with the ambition to increase the amount of social and affordable housing across Ireland.

This fund has been created by Initiative Ireland and Davy Global Fund Management, in consultation with the Credit Union Development Association (CUDA), to facilitate Irish credit unions in financing the acquisition and development of Irish social and affordable housing through approved housing bodies.

The fund, which aims to lend €600m and has recently received approval from the Central Bank, is part of €1.5bn in new loans that the company intends to lend to residential developments over the next three years.

James McKnight (Picture), asset management and investment funds partner in Simmons & Simmons’ Dublin office, led the project.

Involved fees earner: James McKnight – Simmons & Simmons;

Law Firms: Simmons & Simmons;

Clients: Davy Global Fund Management; Initiative Ireland;

Author: Federica Tiefenthaler