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Tuesday, 27th February 2024
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Bank in ?30m equity, mezzanine and debt deal Back  
Bank of Scotland will provide ?30 million to a joint venture property development company in direct equity, mezzanine finance, and senior debt for a residential site in Santry.

The bank claims it is the first deal structure of its kind for a bank in Ireland. The joint venture company is Woodford Developments Limited, involving Morrison Plc and two Irish developers, Bill Killmurray and Derek Tughan.

Kevin Beary of Bank of Scotland’s Irish subsidiary Equity Bank said it was ‘a highly innovative deal structure’ as the bank was injecting its own equity and subordinated debt into the deal.

‘This structure is very similar to other projects which Bank of Scotland have funded in the UK market.’

‘Its objective in Ireland is to invest and co-fund similar projects in the Irish property market (North and South of the border) at a time when other financial institutions seem to be less willing to form a positive and consistent view on the growth prospects for the Irish property market over the next few years.’

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