Marlet Property Group Announces €384 Million Financing Facility with Activate Capital

Marlet Property Group today announced that the company has agreed a record €384 million financing facility with Activate Capital. This will fund the construction of over 1,100 apartments, 10,000 sq.m. of retail and co-working space and 3,000 sq.m. of amenity areas across two of its landmark developments; Grand Canal Harbour in Dublin 8 and its exclusive Claremont development in Howth.

Located next to the Guinness Storehouse on the site of the original Grand Canal terminus, Grand Canal Harbour comprises 596 apartments and is due to be completed in Q1 2024. The Claremont development, centrally located in Howth Village is due for completion in 2025 and consists of 512 apartments.

As with all Marlet developments, Grand Canal Harbour and Claremont will deliver on the company’s commitment to sustainable and green construction practices, with the aim of achieving HPI (Home Performance Index) certification upon completion.

Marlet CEO Pat Crean said “We are delighted to be working with the Activate Capital team on these exciting and transformative developments.  We view this record transaction as a significant vote of confidence in Marlet as a leading developer of exceptional residential and commercial real estate.”

Robert Gallagher, CEO of Activate Capital said: “We are pleased to expand our funding commitments with Marlet Property Group. This financing partnership comes at an opportune moment, facilitating the progression of scale apartment development in less certain times. The delivery of over 1,000 high-quality, well-located apartments, is going to make a meaningful and near-term contribution towards Dublin’s significant housing need.”

About Marlet Property Group

Since the acquisition of the first site in 2014, Marlet has grown to become one of Ireland’s largest independently Irish owned property development companies. Over the last 9 years, Marlet has sourced and acquired over €1.2bn of assets and built up an unrivalled and impressively diverse portfolio in Ireland in partnership with its investors. www.marlet.ie 

About Activate Capital

Activate Capital (“Activate”) is the leading specialist provider of development finance in Ireland. Established in 2015 in partnership with Ireland’s Sovereign Investment Fund (ISIF) and global investment firm KKR, Activate’s expanded investor base today includes a range of global institutions. Activate offers development finance for traditional housing, social housing, PRS, student, mixed-use and office schemes. Activate’s customers are amongst Ireland’s leading developers, including family owned businesses, public companies and institutional sponsors. Since establishment, Activate has advanced funding in excess of €1.75bn to its customers, supporting development projects with capacity for 19,500 new homes. www.activatecapital.ie