Pluto Finance has closed its inaugural loan under a £2 billion strategic partnership with Blackstone Real Estate Debt Strategies (BREDS), providing a €35m senior facility to Dutch family office N&W Capital.
The funding will support N&W’s acquisition of Kilcarbery Square in West Dublin, a 115-unit private rented sector (PRS) development of one-, two- and three-bedroom apartments completed in 2023.
The development, all with A Energy Ratings, sits within an established West Dublin neighbourhood offering retail, green space, and community amenities.
The loan marks Pluto’s first deployment from the BREDS partnership and reflects growing demand for private credit as traditional banks scale back real estate lending, amid a wider undersupply of housing in major European cities.
Ciaran Singh, managing director Europe at Pluto Finance, says: “We are very pleased to have delivered the first loan from the Pluto–BREDS partnership and to work with N&W Capital to support its acquisition of the Kilcarbery Square PRS housing scheme in West Dublin.
“This transaction is representative of Pluto’s approach to originating and structuring high-quality senior lending opportunities secured by high quality underlying collateral and reflects our deep knowledge of local markets to support investors’ ambitions of acquiring well-located, stabilised assets.”
Guido Specht, CEO at N&W Capital, adds: “The acquisition of Kilcarbery Square reflects our strategy of selectively deploying capital into high-quality living assets in supply-constrained European cities.
“We were particularly pleased with the constructive and professional approach taken throughout the process by Pluto Finance, and we look forward to continuing our relationship on future opportunities.”
