Marlet Property Group announced today a record €384 million financing agreement with Activate Capital. The substantial facility is set to fund the construction of over 1,100 apartments, alongside 10,000 sq.m. of retail and co-working space, and 3,000 sq.m. of amenity areas across two major developments in Dublin. The developments in question are the Grand Canal Harbour project in Dublin 8 and the exclusive Claremont development in Howth.
Grand Canal Harbour, strategically positioned next to the renowned Guinness Storehouse and located on the original Grand Canal terminus site, comprises 596 apartments. The ambitious project is slated for completion by Q1 2024. Its counterpart, the Claremont development, occupies a central spot in Howth Village and consists of 512 apartments, with completion anticipated in 2025.
In line with Marlet’s commitment to sustainable construction practices, both developments aim to attain HPI (Home Performance Index) certification upon completion. This measure reinforces the company’s pledge to green and sustainable practices, reflecting the industry’s evolution towards environmentally conscious construction.
Marlet CEO, Pat Crean, expressed his delight at partnering with Activate Capital on these ground-breaking projects. He viewed the record transaction as a significant endorsement of Marlet’s reputation as a leading developer of exceptional residential and commercial real estate in Ireland.
Echoing Crean’s sentiments, Robert Gallagher, CEO of Activate Capital, expressed pleasure in expanding their funding commitments with Marlet Property Group. Gallagher highlighted the timely nature of this financing partnership, which aids the progression of large-scale apartment development during uncertain times. Furthermore, he emphasized that the delivery of over 1,000 high-quality apartments will make a significant contribution towards addressing Dublin’s urgent housing needs.
About Marlet Property Group Since its first acquisition in 2014, Marlet has grown to become one of Ireland’s largest independently Irish-owned property development companies. Over the past nine years, Marlet has acquired over €1.2bn worth of assets and established a diverse and impressive portfolio in Ireland, in conjunction with its investors.
About Activate Capital Activate Capital is Ireland’s leading specialist provider of development finance. Founded in 2015 in association with Ireland’s Sovereign Investment Fund (ISIF) and global investment firm KKR, Activate’s investors now include a range of global institutions. Activate extends finance for various development types, from traditional and social housing to mixed-use and office schemes. Since its establishment, Activate has advanced funding exceeding €1.75bn to its customers, supporting development projects capable of accommodating 19,500 new homes.