Cannon Kirk Announces Investment from Oaktree. 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.
“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.