Global investment firm Avenue Capital Group is to acquire the entirety of Pollen Street Capital’s interest in Irish development and bridging finance lending platform Castlehaven Finance, for an amount in excess of €250m.
The transaction will result in Pollen Street Capital, the independent alternative asset investment management company, exiting its investment in Castlehaven Finance, which it has held through its credit lending arms, P2P Global Investments PLC and Honeycomb Investment Trust PLC.
Avenue Capital will provide future funding lines to allow the Castlehaven platform to continue to grow.
With offices in Dublin and Cork, Castlehaven Finance is an alternative lender funding property development in Ireland. Since its establishment in 2014 it has lent €584.4 million to fund 118 residential and commercial development projects through its Senior Development Loans and Bridging Finance services. The company offers 90% loan-to-cost for lending on residential, commercial, and mixed-use developments with terms of up to 24 months on its bridging finance. It employs 15 people headed up by Will Aylmer and Clark McCann.