LeBruin Private launches €100m Origin Capital

The Irish commercial real estate debt fund has the potential to be upsized.

Irish debt advisory firm LeBruin Private has launched a €100 million commercial real estate fund called Origin Capital.

The new senior debt fund is a joint venture between LeBruin and certain investment funds managed by Tricadia Capital Management, a New York-based investment firm with around $4 billion in assets under management, according to a statement.

Targeting €3 million to €15 million transactions, the new fund will aim to offer borrowers the opportunity to deal directly with decision-makers, who will take a flexible, common sense approach to lending, the firm said.

“With an initial focus on the Dublin market, the fund was established to facilitate the growing demand for commercial real estate investment funding and refinancing. As the Irish market recovers, there is a growing need for many borrowers to refinance debt from NAMA, loan book purchasers and other financial institutions,” Ross Metcalfe, chief executive of Origin, told PDI

NAMA is the state-controlled 'bad bank' which took non-core and non-performing loans off the balance sheet of Ireland's struggling banks following the global financial crisis. 

“Currently many borrowers are reliant on the pillar banks to provide funding and we believe Origin Capital will provide a real alternative for professional property owners,” Metcalfe said in a statement.

“Our initial fund is €100m in size, but a number of investment firms have already expressed an interest in providing additional funding to Origin Capital in anticipation of ongoing demand within the market,” Metcalfe continued.

Origin Capital has been established as a separate entity to LeBruin and the two businesses will operate independently.

LeBruin has facilitated debt restructuring agreements with NAMA, banks and other creditors. In total, it has restructured €6.5 billion of debt and raised more than €10 billion in new debt and equity for its clients since inception in 2008.

One of its most recent transactions was the arrangement of a refinancing of a commercial real estate portfolio for Parker Green International’s purchase of loans from Cerberus Capital Management, in January this year. Cerberus purchased the £4.5 billion Project Eagle portfolio of the Northern Ireland assets from NAMA last year for a reported £1.2 billion.