US partnership to give housing a €120m boost
A joint venture between Ireland and the US is likely to have committed close to €120m in capital to housebuilding projects here by the end of the year.
Activate Capital is a €500m housebuilding fund founded by the Ireland Strategic Investment Fund and private equity giant KKR to address the major decline in Irish house construction.
It is believed to have already committed about €50m in capital since the start of the year.
This amount has been earmarked for deals that will generate 800 homes, chiefly in the greater Dublin area.
The initial €500m fund is likely to be deployed over two to three years, with the funds being recycled and redeployed as loans are paid back by developers.
This should see a total of €1.5 billion being loaned off the back of the fund, the Irish Independent reports.
