Oaktree invests in Irish homebuilder Cannon Kirk

The fresh capital, of an undisclosed amount, will be used to redeem the housebuilder's debt to Ireland's National Asset Management Agency – the government's bad bank set up to handle property loans in the wake of Ireland's real estate boom and bust. A slice of it will also be used to support a growth plan for its Irish and UK homebuilding businesses.

The Irish Times newspaper reported that Oaktree provided more than €100m.

Oaktree has been contacted for comment.

Company
Set up in 1984, Cannon Kirk has built around 5,000 homes and currently has a pipeline of approximately 3,000 new houses across schemes commencing in the course of the next 12 months. Cannon Kirk's portfolio includes sites in North Dublin, Kildare, Wicklow and Louth. Its current pipeline includes a 1,000-home scheme in Donabate, North Dublin, that will also provide a new primary school, neighbourhood centre, and a 35-acre park.

In the UK, it has sites in Cambridgeshire and Plymouth, where it is participating in the development of a 5,000-home new town, Sherford, along with Bovis Homes, Taylor Wimpey, and Linden Homes.

People
Cannon Kirk – Michael Cannon (CEO).

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• Topics
• Expansion
• UK / Ireland
• Real estate
• Oaktree Capital Management
• Ireland