LeBruin today announced that it has raised development finance of €6.5m to assist Ziggurat, a specialist student accommodations provider, to complete their first student accommodation scheme in Ireland.
Ziggurat are a firmly established company in the UK, and are seeking to provide student accommodation for 1000 beds in the Irish market. This transaction will provide 189 beds in a prime Dublin location.
The finance is being used to refurbish the former Montrose Hotel, located adjacent to University College Dublin. Project finance was raised from Bank of Ireland, and represents one of the first redevelopment projects debt funded by an Irish bank since the recession. Ziggurat acquired the property from Starwood (who in turn had acquired it from NAMA as part of Project Aspen), and the overall spend on the project was circa €16m.
Commenting on the transaction, Tom Browne , Managing Director of LeBruin stated” We are delighted to have assisted Ziggurat with their entry into the Irish market. This transaction is the latest in a series of recent deals for Le Bruin, and provides further evidence of our growing presence in the funding market “.
LeBruin Private Limited (“LeBruin”) is a leading Corporate Finance and Debt Advisory firm based in Dublin, Ireland. LeBruin has a track record in delivering for clients in the areas of Debt Management, Debt Restructuring and Funding.
Independent and working only for its clients, LeBruin facilitates debt restructuring arrangements with NAMA, the banks and other creditors. LeBruin also specialises in matching clients with new sources of funding, delivering effective solutions in the form of senior debt and equity finance across a range of business sectors. LeBruin has established strong relationships with both traditional and non-traditional lenders in Ireland, the UK and USA. In addition, LeBruin has worked with a number of equity funds who have a keen appetite to invest in client projects, enabling us to meet our clients’ refinancing requirements.
LeBruin has restructured over €6.5 billion of debt and has raised over €10 billion in new debt and equity for its clients since inception.