By
Pepper Asset Servicing has been appointed by CarVal Investors to provide special servicing, master servicing and asset management on the €380 million (A$482 million) Pittsburg portfolio of Irish loans CarVal investors acquired from Lloyds last month.
The deal marks the first major commercial real estate asset management contract win for Pepper in Ireland.
Pepper has also announced it will be making a €3 million co-investment alongside CarVal Investors in the portfolio, marking the company’s first investment in an Irish commercial property portfolio and its second investment in Ireland since completing the acquisition of GE Capital’s Irish residential mortgage book in June, 2012.
CEO of Pepper in Ireland, Paul Doddrell, says the contract win is a ‘significant milestone’ in the Pepper’s business in Ireland.
“Our new strategic alliance with Arrow positions Pepper as the leading end-to-end CRE asset manager in Ireland and puts us in a unique position to cater to the growing requirement for a bespoke and innovative approach to managing CRE portfolios and take advantage of the deleveraging currently taking place in the Irish market.”
Managing director of Arrow Asset Management, Robert Kehoe, says the deal with CarVal Investors is the first project undertaken jointly by Pepper and Irish commercial real estate management firm, Arrow Asset Management, under a new strategic alliance formed between the two firms.
“Our new alliance with Pepper makes us unique because we can now provide a complete loan and asset management service to the Irish market.”
