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Industrial Property Portfolio

Dáil Éireann Debate, Tuesday - 15 April 2014

Tuesday, 15 April 2014

Questions (103)

Éamon Ó Cuív

Question:

103. Deputy Éamon Ó Cuív asked the Minister for Jobs, Enterprise and Innovation if he will rationalise the ownership of industrial land and estates between the agencies under his remit; and if he will make a statement on the matter. [17309/14]

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Written answers

IDA Ireland and Shannon Development are the only two agencies under the remit of my Department who hold industrial property portfolios. Under legislation both agencies are independent in the exercise of their property function.

Property solutions to companies who are clients of Enterprise Ireland are provided by IDA Ireland.

As part of the restructuring of Shannon Development, the enterprise support functions have transferred to IDA Ireland and Enterprise Ireland. This will ensure the continuation of support to both FDI and indigenous enterprises in the region. In addition, IDA Ireland is in the process of purchasing lands in the National Technology Park in Limerick and the Raheen Business & Technology Park from Shannon Development.

By bringing together the remaining property functions of a restructured Shannon Development with the Shannon Airport Authority under the umbrella of the new Shannon Group, the combination of the airport business with the adjoining industrial property portfolio can provide the region with the capacity to exploit sectoral opportunities and crucially those in the aviation sector.

In respect of IDA Ireland, the empirical results of international research has demonstrated that the availability of suitable property solutions is a key element in the location decision making process undertaken by prospective investors in determining where projects will locate. Most International development agencies with which IDA competes hold substantial stocks of such properties.

In recent years, IDA Ireland has taken the decision to rationalise its non-core land holdings in a number of locations throughout the country. This allows it to undertake initiatives such as the recent decision to strengthen its regional industrial infrastructure by developing specialist properties in Athlone, Waterford and Letterkenny.

IDA will in future be the single Agency dealing with industrial land and will constantly keep its property portfolio under reviewing the context of emerging opportunities and new strategies being developed by the Agencies.

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