Ardstone secures €110m from Bank of Ireland to help build 2,500 homes

Ardstone Homes, founded by former senior Friends First executives, has secured a €110 million revolving credit facility from Bank of Ireland as it seeks to deliver more than 2,500 homes over the near term.

The financing, arranged through Bank of Ireland’s property finance group, will assist Ardstone Homes with its working capital arrangements as it builds out on sites currently under construction in counties Dublin, KildareWicklowand Galway.

The company was formed in 2016 by investment firm Ardstone Capital, an investment manager focused on the European property markets, which itself was established in 2005 by former Friends First property heads Donal Mulcahy, Ciarán Burns and Donal O’Neill. It plans to deliver more than 5,000 housing units over the next five years.