One of the largest single asset refinances completed in the Irish market since the outset of the credit crunch.
LeBruin Private (“LeBruin”) announces that it has completed the refinance of the Jervis Street Shopping Centre on behalf of Mr. Paddy McKillen and his Investment Partner.
LeBruin has worked closely with the international asset manager M&G Investments (“M&G”), assisting them in their assessment of the Irish market, and culminating in the provision of €140m by M&G to complete this significant transaction.
Tom Browne, Managing Director of LeBruin commented: “The Irish debt market has suffered from a lack of liquidity and competition for the past five years. Transactional activity in the Irish market has increased in the past 6-9 months, but this has been predominantly due to acquisitions by cash purchasers from overseas who were not reliant on debt funding to complete their transactions. The Jervis St refinance is one of the largest single asset refinances completed in the Irish market since the outset of the credit crunch. The provision of new finance by alternative lenders such as M&G is an important development in the Irish debt market, and one that will test the positive soundings in the past 12 months from local banks regarding their appetite to lend.”
Continues Browne “We now have a number of overseas lenders, both traditional and non-traditional willing to look at the provision of finance into the Irish market. Given that these entities are new entrants to the market, they are looking to fund prime assets in strong locations with the benefit of good length of income. LeBruin is currently engaged on a range of similar transactions, a number of which we would expect to see come to fruition in 2014.”
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.