LONDON, Aug. 24, 2015 /PRNewswire/ -- BNY Mellon, a
global leader in investment management and investment services, has
been appointed account bank for Activate Capital lending platform,
a €500 million home-building joint venture between the Ireland
Strategic Investment Fund (ISIF) and KKR.
Activate Capital will help increase Ireland's housing supply by lending to Irish
residential development projects. It will be capable of financing
the construction of over 11,000 new homes in Ireland and create an average of 1,900
full-time jobs per annum. The new platform will lend on a
commercial basis to projects, providing home-building companies
with cost effective loans for up to 90 per cent of the total
financing requirement.
The ISIF will contribute €325 million towards the joint venture,
making it the biggest single investment undertaken by the ISIF so
far. KKR will provide the remaining €175 million.
"As a major participant in Ireland's financial services industry we are
well placed to support our clients in this venture," said
Dean Fletcher, Head of Corporate
Trust EMEA at BNY Mellon. "Rejuvenating the housing sector will
help stimulate the Irish property market and broader economy."
BNY Mellon is a key participant in Ireland's financial markets and opened its
first office in Ireland in 1994.
It currently employs 1,700 employees in Ireland located in Cork, Wexford and Dublin, and offers a broad range of services
to traditional and alternative asset managers, banks, pension
funds, insurance companies and corporates. In Ireland, BNY Mellon offers a range of services
including asset servicing, alternative investment services,
depositary receipts and corporate trust. Pershing, a subsidiary of
BNY Mellon, also has a presence in Ireland.
Notes to editors:
About the ISIF
The €7.6 billion ISIF was established in December 2014 with a statutory mandate to invest
on a commercial basis in a manner designed to support economic
activity and employment in the State. The fund has made investment
commitments to date of €1.5 billion (including National Pensions
Reserve Fund investments prior to December
2014 when the ISIF was established and NPRF assets
transferred to it) and plans to deploy the remainder over the
coming years as suitable investment opportunities are
identified.
BNY Mellon
BNY Mellon is a leading provider of corporate trust services to
the debt capital markets, offering customized and market-driven
solutions to investors, bondholders and lenders. As of June 30, 2015, BNY Mellon Corporate Trust served
as trustee and/or paying agent on more than 60,000 debt-related
issues globally. The corporate trust business utilizes its global
footprint and expertise to deliver a full range of issuer and
related investor services including trustee, paying agency,
fiduciary, escrow, and other financial services. The business
administers a wide array of assets and types of programs to
multinational corporations, financial institutions, governments and
their agencies, and the banking, securities, and insurance
industries.
BNY Mellon is a global investments company dedicated to helping
its clients manage and service their financial assets throughout
the investment lifecycle. Whether providing financial services for
institutions, corporations or individual investors, BNY Mellon
delivers informed investment management and investment services in
35 countries and more than 100 markets. As of June 30, 2015, BNY Mellon had $28.6 trillion in assets under custody and/or
administration, and $1.7 trillion in
assets under management. BNY Mellon can act as a single point of
contact for clients looking to create, trade, hold, manage,
service, distribute or restructure investments. BNY Mellon is the
corporate brand of The Bank of New York Mellon Corporation (NYSE:
BK). Additional information is available on www.bnymellon.com.
Follow us on Twitter @BNYMellon or visit our newsroom at
www.bnymellon.com/newsroom for the latest company news.
This press release is issued by The Bank of New York Mellon to
members of the financial press and media.
All information and figures source BNY Mellon unless otherwise
stated as at June 30, 2015.
The Bank of New York Mellon, London Branch, registered in England and Wales with FC005522 and BR000818.
Branch office: One Canada Square,
London E14 5AL. The Bank of New
York Mellon is supervised and regulated by the New York State Department of Financial
Services and the Federal Reserve and authorised by the Prudential
Regulation Authority.
The Bank of New York Mellon London branch is subject to
regulation by the Financial Conduct Authority and limited
regulation by the Prudential Regulation Authority.
Details about the extent of our regulation by the Prudential
Regulation Authority are available from us on request.
Contact:
Mike
Dunn
+1 732 667
2678
mike.g.dunn@bnymellon.com
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SOURCE BNY Mellon