Housing

AIB launches €500m fund to build apartments

The fund will be managed by Activate Capital, which is backed by global asset manager KKR

The Irish Apartment Development Fund will provide debt capital for new developments in Dublin, Cork, Galway and Limerick. Picture: Avalon

AIB has partnered with Activate Capital, which is backed by global asset manager KKR, to launch a €500 million fund to deliver 1,000 homes per year.

The Irish apartment development fund will provide debt capital for new developments in Dublin, Cork, Galway and Limerick.

The fund, which will be managed by Activate, already has several new development projects under “active consideration”.

Cathy Bryce, chief executive of AIB capital markets, said: “The Irish Apartment Development Fund ...