BNY Mellon Appointed Account Bank for Activate Capital Lending Platform

London - 24 August 2015

500 million euro platform provides much needed capital to address Irish housing shortage

BNY Mellon, a global leader in investment management and investment services, has been appointed account bank for Activate Capital lending platform, a €500 million home-building joint venture between the Ireland Strategic Investment Fund (ISIF) and KKR.

Activate Capital will help increase Ireland's housing supply by lending to Irish residential development projects. It will be capable of financing the construction of over 11,000 new homes in Ireland and create an average of 1,900 full-time jobs per annum. The new platform will lend on a commercial basis to projects, providing home-building companies with cost effective loans for up to 90 per cent of the total financing requirement.

The ISIF will contribute €325 million towards the joint venture, making it the biggest single investment undertaken by the ISIF so far. KKR will provide the remaining €175 million.

"As a major participant in Ireland's financial services industry we are well placed to support our clients in this venture," said Dean Fletcher, Head of Corporate Trust EMEA at BNY Mellon. "Rejuvenating the housing sector will help stimulate the Irish property market and broader economy."

BNY Mellon is a key participant in Ireland's financial markets and opened its first office in Ireland in 1994. It currently employs 1,700 employees in Ireland located in Cork, Wexford and Dublin, and offers a broad range of services to traditional and alternative asset managers, banks, pension funds, insurance companies and corporates. In Ireland, BNY Mellon offers a range of services including asset servicing, alternative investment services, depositary receipts and corporate trust. Pershing, a subsidiary of BNY Mellon, also has a presence in Ireland.

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development