BDO Tax Team advises Pearl Property Managers in launch of €50m fund
15 November 2019
BDO Tax Team were pleased to have provided their expertise to Pearl Property Managers Limited in the lead up to the launch of their new €50 million Residential Equity Fund.
The BDO Tax Team, led by Angela Fleming, Corporate Tax Partner, and Fionn Uíbh Eachach, Indirect Tax Partner, advised Pearl Property Managers prior to launching their €50 million investment fund. The fund is aimed at supporting the delivery of up to 2,000 mid-sized residential properties based throughout Ireland including large urban areas.
Pearl Property Managers Limited was established earlier this summer by Ken McCullagh, Chief Executive of LNC Property Group, Martin Scully, Chief Executive of Oyster Capital Partners and Mary McCoy, Chief Financial Officer of Oyster Capital Partners. The fund is backed by the likes of AIB, Bank of Ireland, Davycrest, the Ireland Strategic Investment Fund and Oyster Capital.
According to Ken McCullagh, the limited availability of equity finance for small and medium sized housebuilders is a barrier to the delivery of new homes. He says, “With private equity and hedge funds financing mostly targeting larger builders and large scale-developments, the lack of liquidity for smaller developers is a constraint on the supply of new housing stock.”
He adds that they are not developers buying land or sites directly and they will not finance un-zoned or agricultural land projects. “This is about providing support to smaller builders who can add to our housing stock and help address the housing shortage.”
BDO is proud to contribute their services to progressive initiatives such as the Pearl Property Managers Residential Fund. Commenting on the announcement, Angela Fleming said, “We are delighted support Ken, Martin and Mary in the launch of this innovative fund, which will unlock equity finance for small builders and aid in addressing the current residential property shortage in the Irish market.”
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