27 September 2017
Reporter: Theo Andrew

PMM Group to launch real estate debt platform in UK and Ireland

PMM Group is set to launch a £500 million commercial real estate debt vehicle, PMM Real Estate Finance (PMM REF), into the UK and Ireland.

The platform, seeded with an initial £100 million, plans to deploy the total capital over the next three years and already has a healthy pipeline in place, a company statement said.

According to PMM REF, the vehicle will offer senior and mezzanine finance for acquisitions and refinancing of property, with up to 80 percent loan-to-value, and targeting assets valued at between £5 million and £25 million.

The expansion means PMM has appointed Gareth Williams and Domhnall Gaffney as partners of PMM REF, with both joining from LNR Partners Europe.

Williams said: “PMM sees a great opportunity to offer liquidity to an under-serviced part of the UK and Irish markets. We aim to underwrite real estate fundamentals rather than simply cash flows, which means loans can be structured to suit borrowers’ distinct business plans.”

He added: “The opportunity for non-bank lenders in both markets is growing and access to debt remains challenging, especially for smaller debt amounts at higher leverage. Rather than just price, certainty of execution and high levels of customer service are becoming an increasingly important consideration.”

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