A UK real estate lender has completed its first transaction in the Irish market, providing up to €30 million to allow the refinancing of a business park in Co Clare.
Westpark Shannon received the €30 million debt facility from PMM Real Estate Finance to refinance its Westpark Business Campus in Shannon. The property comprises two grade A offices providing more than 200,000sq ft of space.
In addition to the filled offices, the business campus includes four development plots, car parking and ancillary land adjacent to Shannon Airport.
Tenants within the estate include GE Capital Aviation Services, AerCap and DHL. The campus also hots a series of small and medium businesses involved in the aviation, finance and IT sectors.
"The strength of the covenants, the quality of the buildings and the expertise of the Westpark team were the key drivers of our interest," said Gareth Williams, a partner with the non-bank lender.
The lender forms part of PMM Group, a UK company that entered the market in 2017 with about £1 billion (€1.12 billion) in assets under management. The real estate finance arm provides senior and mezzanine financing on commercial property in Ireland and the UK.
