DUBLIN--(BUSINESS WIRE)--Cannon Kirk, a Dublin-based residential development group, today announced that it has received a significant investment from funds managed by Oaktree Capital Management (“Oaktree”), a leader among global investment managers specializing in alternative investments. The capital allows Cannon Kirk to redeem its historical debt obligations and will support a growth plan for its Irish and U.K. homebuilding businesses.
Since its founding in 1984, Cannon Kirk has developed approximately 5,000 homes through a number of economic cycles. The company currently has a delivery pipeline of approximately 3,000 new homes across schemes commencing in the course of the next 12 months. Cannon Kirk plans to expand this pipeline in the near and long term with the financial support of Oaktree.
“Oaktree has recognized Ireland’s current need for housing and we are pleased to have them as a long-term partner in what should be a productive and busy time for the Irish homebuilding industry over the coming years,” said Michael Cannon, CEO of Cannon Kirk.
Cannon Kirk’s portfolio includes sites in North Dublin, Kildare, Wicklow, and Louth. Key to this delivery pipeline is a 1,000 home master-planned scheme in Donabate, North Dublin that will also provide a new primary school, neighbourhood centre, and a 35-acre public park. In the U.K., Cannon Kirk has development sites in Cambridgeshire and Plymouth, where it is participating in the development of a 5,000-home new town, Sherford, with consortium associates Bovis Homes, Taylor Wimpey, and Linden Homes.
Advising on the transaction were KPMG, Eugene F. Collins, Eversheds Sutherland, McCann Fitzgerald, Pinsent Masons, Deloitte, CBRE, and Savills.