Property developer Ballymore says it will build 2,000 new A-rated homes and could build up to 4,000 after it agreed refinancing of more than €130 million with AIB.
The parties said on Monday they had agreed a five-year green loan facility. The funding will be used to accelerate Ballymore’s nationwide housing pipeline, which will lead to the construction of 2,000 homes with the potential for a further 2,000.
AIB said the refinancing reflected the “strong relationship” the bank has with Ballymore, and succeeds the provision of facilities to Sean Mulryan’s Ballymore by AIB over the last four years.
“This facility lays the groundwork for future growth and may be upsized as the Ballymore business grows,” the groups said.
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Ballymore is one of Ireland’s leading property developers. Its international portfolio includes offices, shopping centres and homes across Dublin, London, Bratislava, Prague and Berlin.
In Ireland, Ballymore is currently building 1,500 homes on nine sites in Bray, Co Wicklow, Mullingar, Co Westmeath, Naas and Newbridge in Co Kildare, and Portmarnock and Rush in Dublin.
Completed developments supported by AIB financing include a commercial and residential scheme called Dublin Landings at North Wall Quay, Seamount Rise in Malahide, multiple sites in Kildare, and Sea Gardens in Bray.
Ballymore is progressing a substantial new scheme in partnership with the Land Development Agency in Balbriggan, in north Dublin. The development is set to deliver more than 800 homes alongside new infrastructure and community amenities.
AIB says it is the largest lender to the home building sector in Ireland. The bank says it has approved over €1 billion for residential development, supporting the construction of between 9,000 and 10,000 new homes in 2024.
Lending for energy efficient homes amounted to 59 per cent of all new mortgages issued by AIB in the first nine months of 2025, while green lending to commercial property made up 73 per cent of total lending to the sector in the first six months.
The refinancing facility will include Home Building Finance Ireland as a new minority partner, providing about 12 per cent of the total syndicate debt.
AIB chief executive Colin Hunt said: “Ballymore is a trusted partner of AIB and we share a strategic priority in delivering thousands of homes to communities throughout Ireland.
“Our track record with Ballymore is strong and this new facility is our commitment to continue financing new A-graded sustainable homes. By working together, AIB and Ballymore are part of the housing solution.
“Our appetite for lending to housebuilders remains strong and we are keen to increase our funding for the residential market in the coming years.”
Ballymore chief executive Mr Mulryan said the green loan refinancing “gives us the certainty and flexibility to accelerate construction on key sites nationwide”.
