Ardawn Developments to hit €75m target early

PROPERTY company Ardawn Developments expects to have raised €75 million for its second property development fund by the end of the week.

Ardawn works by purchasing sites, mainly in Leinster, and bringing them through the planning process. It then sells on the land at the ready-to-go stage.

Following briefings in Cork, Kerry and Limerick this week Ardawn expects to reach its target investment of 75m three weeks ahead of schedule. This money will raise buying power for Ardawn II of €150m.

This latest fundraising drive, known as Ardawn II, follows on from Ardawn I which last year raised €56m from private clients of NCB Stockbrokers.

When combined with bank debt, this equity provided a fund of around €120m for investment in development land.

Managing director of Ardawn II and former PricewaterhouseCooper accountant Pat Shine said: “Ardawn I was a huge success and we already have promises of €60m for Ardawn II.

“Ardawn allows people who do not have a lot of money or the opportunity or the time, the chance to become property developers,” he added.

The minimum investment is €50,000 and those who have invested in Ardawn I have the first option of investing. The planned life of the investment will be seven years.