Blackstone Real Estate Debt Strategies (BREDS) and Pluto Finance’s European mid-market lending partnership has completed its debut transaction, providing a €35m loan to N&W Capital to acquire a residential asset in Ireland.
Pluto Finance said the partnership has provided the senior facility to support N&W Capital’s first residential investment in Ireland, Kilcarbery Square in Dublin, comprising 115 private-rented sector units.
The partnership was established in September last year to deploy £2bn (€2.3bn) over two years. It provides whole loans of between £25m and £100m to real estate owners and developers in the UK and continental Europe, primarily focusing on the logistics and living real estate sectors.
Ciaran Singh, managing director Europe at Pluto Finance, said: “We are very pleased to have delivered the first loan from the Pluto–BREDS partnership and to work with N&W Capital to support its acquisition of the Kilcarbery Square PRS housing scheme in West Dublin.
“This transaction is representative of Pluto’s approach to originating and structuring high-quality senior lending opportunities secured by high-quality underlying collateral and reflects our deep knowledge of local markets to support investors’ ambitions of acquiring well-located, stabilised assets.”
Guido Specht, CEO at N&W Capital, said: “The acquisition of Kilcarbery Square reflects our strategy of selectively deploying capital into high-quality living assets in supply-constrained European cities.
“We were particularly pleased with the constructive and professional approach taken throughout the process by Pluto Finance, and we look forward to continuing our relationship on future opportunities.”
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