Ardcairn commits €400m for development of 2,000 homes

CGI image of the 753-unit housing estate, Longview, proposed for Ballyvolane, on the northside of Cork city.

Irish development finance lender Ardcairn Capital said it will commit €400m in funding to developers across Ireland to support the development of more than 2,000 homes across urban and rural locations.

Ardcairn, backed by the M&G Catalyst fund, has backed a range of projects with €780m worth of new homes under construction across 20 live sites. 

Ardcairn provides developers with funding for social homes being delivered to a number of registered Approved Housing Bodies and councils to be sold through the Local Authority Affordable Purchase Scheme and for private sale. 

Most recently, the lender completed one of Ireland’s largest development finance deals in Cork that will see the delivery of over 750 new homes at Ballyvolane through developer Longview Estates to be constructed by CField.

A further pipeline will see them help finance the delivery of a mix of social and affordable homes across Dublin, Galway, Cork, the Midlands and the Southeast. 

Ardcairn Capital co-founder and CEO, Daire McCarthy said the injection of government investment under the Rebuilding Ireland strategy has presented opportunities to help with the supply of much-needed social and affordable housing. 

"There is pressure on us all to assist with the delivery of many more homes, which will need to be met through a myriad of projects, ranging from small infill housing schemes to large-scale multi-phase developments," Mr McCarthy said. 

Since our inception, we have worked to support quality developers by helping to bring their business plans to fruition

“Whilst we’re happy with the progress of Ardcairn to date, particularly against a backdrop of material shortages, interest rate volatility, and inflationary pressures, we acknowledge there is a lot more to do. 

"We remain confident that we can continue meeting this demand from developers, and together, make a meaningful contribution to addressing Ireland’s affordable and social housing shortage."