Irish housebuilder secures refinance package that will fund thousands of new A-rated homes, as lenders deepen long standing relationship.
Park Developments, one of Ireland’s largest private housebuilders, has secured a refinancing package from Bank of Ireland and AIB that will help advance a number of substantial residential and commercial projects.
The two banks have provided the facilities on a 50:50 basis, continuing a partnership that dates back to 2018. The new package will help Park Developments complete over 800 homes currently under construction, and progress additional schemes through the planning process.
“Renewing our partnership with one of the country’s most well established house builders, demonstrates our appetite to support the supply of housing and respond to the national housing needs”
Active residential schemes being funded by Bank of Ireland and AIB include The Glen in Cabinteely (342 houses and apartments), Lightburne in Leopardstown (254 apartments), Meadow View at Clay Farm, Leopardstown (157 apartments), Glenville Garden in Mount Merrion (68 apartments), Estuary Ridge and Hurlers Field in Kinsale (79 houses)
Track record
Park Developments is a strategically important player in the Irish property market. They have a strong track record, delivering more than 13,000 homes and 4.3m square feet of commercial space, since establishment c. 64 years ago.
The new debt facilities will be classified as green loans, aligning with Parks strong ESG credentials and reflecting their commitment to leaving a positive lasting impact on the built environment.
All their new homes are BER A-rated, with both residential and commercial projects meeting NZEB (Nearly Zero Energy Building) requirements. Recent commercial buildings have also achieved LEED (Leadership in Energy and Environmental Design) Gold certification.
Brian Gaffney, head of Residential and Development Finance at Bank of Ireland, commented that the lender is committed to supporting delivery of high quality, sustainable residential development, at a time of high demand.
“We are proud to support Park Developments with their ambitions to build high quality homes and create sustainable communities. Renewing our partnership with one of the country’s most well established house builders, demonstrates our appetite to support the supply of housing and respond to the national housing needs.
“Park’s focus on A-Rated, NZEB and LEED‑certified projects aligns with our commitment to backing energy‑efficient, environmentally responsible construction. We value our long standing relationship with Park and wish them continued success,” he said.
Park Developments welcomed the renewed backing from both lenders, noting the partnership with the two lenders has been fundamental to them delivering their objectives.
Thomas Brady, CFO at Park Developments said: “We are delighted to renew our partnership with AIB and Bank of Ireland for a further four years, this collaboration has played a fundamental role in helping us deliver thousands of quality homes and several commercial buildings since 2018.
“Our funders share our vision and our determination in terms of addressing the current housing shortages that exist throughout Ireland, we also share a strong focus on sustainability and ESG credentials. We take pride in the communities we build and we look forward to delivering many more homes in the coming years in partnership with AIB and Bank of Ireland.”
Deloitte acted as debt advisor to Park Developments on the transaction.
-
Bank of Ireland is welcoming new customers every day – funding investments, working capital and expansions across multiple sectors. To learn more, click here
-
For support in challenging times, click here
-
Listen to the ThinkBusiness Podcast for business insights and inspiration. Latest episodes are here. You can also listen to the Podcast on:
-
Spotify
-
SoundCloud
-
Apple
