US-based investment management company CarVal Investors has awarded a mandate to Pepper Asset Servicing to provide special servicing, master servicing and asset management on the €380m (A$482m) Pittsburg portfolio of Irish loans.
CarVal investors acquired the Irish loans portfolio from Lloyds last month, according to the company.
Ireland based Pepper will infuse €3m as co-investment alongside CarVal Investors in the portfolio, which marks the company’s first investment in an Irish commercial property portfolio.
Commenting on the deal, Pepper CEO Paul Doddrell said the contract win is a ‘significant milestone’ and will placed it to offer the growing requirement for a bespoke and innovative approach to managing CRE portfolios.
Arrow Asset Management managing director Robert Kehoe said the deal is the first project undertaken jointly by Pepper and Irish commercial real estate management firm, Arrow Asset Management, under a new strategic alliance 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," Kehoe added.