Business

Commercial market boost

A NEW £50 million fund to boost the north's commercial property market has been unveiled. Finance and real estate specialists GDP Partnership said it was making the money available to "address the continuing difficulty that businesses in the sector are having finding funding for viable projects".

The firm practices bank mediation, restructuring, asset management, corporate finance and real estate advice.

It said it launched the fund in response to the perception there is "little to no finance available in the local market place".

Conor Devine, principal at GDP Partnership, said: "This is a very important announcement for the local economy as a whole.

"After six years of a recession and a standstill in terms of the property market, it's a fantastic boost for the local economy that our team are now launching this new lending platform."

He added: "Confidence is returning slowly but surely to the Northern Ireland economy in the last few months, and while the property sector experienced one of the sharpest downturns, it is now finally starting to move forward again. As our banks

continue to deleverage, they have more or less cut off the funding supply to the local market for property based proposals.

"This £50 million fund should go some way to boosting the commercial property sector. We look forward to working with individuals and organisations who have a requirement for finance for viable deals."

James Gibbons from the partnership added: "At GDP we specialise in solving problems and have been working tirelessly since 2011 to identify new finance platforms.

"This is a significant opportunity to property owners, developers and their advisers and we want them to know that GDP Partnership is here to help in a tangible manner that will see them get their plans off the ground sooner rather than later."

The fund is supported by UK based investors which GDP said "alone is a massive statement in terms of bringing confidence to the local market."