BNY Mellon appointed by Activate Capital lending platform
BNY Mellon has been appointed account bank for Activate Capital lending platform (Active Capital), a €500m 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 €325m towards the joint venture, making it the biggest single investment undertaken by the ISIF so far. KKR will provide the remaining €175m.
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.
“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.”