ESO Real Estate Invests In Irish Housebuilder Genesis Homes To Support Transition Into Nationally Significant Irish Housebuilder

ESO Capital

20th May 2019

ESO Real Estate, an investment manager focused on European asset-backed special opportunities, announces that it has invested in Genesis Homes (‘Genesis’), an Irish housebuilder that delivers family housing in regional locations. The investment consists of substantial development funding and a significant equity investment to support Genesis’ plans to deliver in excess of 1,300 homes over the next five years, with a gross development value of over €340 million.

With ESO Real Estate’s support, Genesis will develop a mixed tenure business model which combines build-to-rent, build-to-sell and social elements. Utilising the institutional funding and expertise of ESO Real Estate, Genesis will transition into a nationally significant Irish housebuilder.

Developments are located in the major regional cities of Cork, Limerick and Galway, and the ‘M50 corridor’, where there is strong demand for family homes and good links to the local economy, employment bases and key amenities, such as airports.

Two new projects have been identified which will deliver almost 400 homes, with the first completions due in early 2020. Importantly, these projects will include the first institutionally developed build-to-rent communities of scale in their respective regions.

ESO Real Estate’s deep sector knowledge and expertise in housebuilding will support Genesis’ growth and help to develop the businesses organisational infrastructure and team. Having a committed source of capital will give Genesis a competitive advantage in securing pipeline opportunities.

David Christie, Head of ESO Real Estate, commented: “We are delighted to be investing in Genesis Homes. Barry and the management team have the skill and experience to deliver high quality homes in volume. With ESO’s backing, the team will become a major player in the Irish build-to-rent and build-to-sell sectors. This partnership will not only deliver a platform and portfolio that is in high demand from institutional investors, it will also play its part in solving Ireland’s housing crisis, which is an important social objective for ESO as a firm.”

Barry O’Connor, Managing Director of Genesis Homes, said: “We look forward to working with the ESO Real Estate team and benefiting from their extensive property and build to rent expertise. The shortages in the Irish housing market have been well documented, so there is a clear need for the strong pipeline of developments that we have already identified.”

- Ends -

For further information

ESO Capital Partners

Tingting Peng
+44 203 642 2600

Kepler Communications

Charlotte Balbirnie
+44 7989 528421

Notes to Editors

About ESO Real Estate:

ESO Real Estate is an investment manager focused on asset-backed opportunities throughout Europe. It supports strong management teams that have specialist assets with both debt and equity capital.

The ESO Real Estate team incorporates extensive investment capabilities that leverage ESO Capital’s experienced finance, asset management and business development teams.


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