Dáil Éireann Debate, Wednesday - 13 May 2020
82. Deputy Bernard J. Durkan asked the Minister for Finance if the current Irish Strategic Investment Fund mandate would allow for it to invest in projects with regard to the regeneration of town centres; and if he will make a statement on the matter. [4923/20]
View answerThe National Treasury Management Agency (NTMA) have informed me that the Ireland Strategic Investment Fund (“ISIF”) is already actively engaged across a range of investment initiatives relating to the regeneration of the core of many of our regional cities and major towns. Investment in support of Regional Development is one of ISIF’s priority themes under its refocused strategy – and within this, investments which can enable the regional cities and major towns are a key focus. ISIF has aligned its strategy with Project Ireland 2040 and its themes of balanced regional growth and compact growth, whereby regional cities and towns will grow within their existing footprint and thereby prevent further urban sprawl.
The Abbey Quarter development on the former Smithwicks brewery site in Kilkenny is a typical example of ISIF’s activities in this area. ISIF has been working in partnership with Kilkenny County Council and is providing commercial investment capital to drive the repurposing of this strategic site at the heart of Kilkenny city. The first office development is currently under construction and is expected to be fully constructed by the end of this year and will provide 47,000 sq. ft. of commercial space with capacity for over 300 workers.
ISIF has also signed a Memorandum of Understanding with the Port of Cork for the potential repurposing of its Tivoli Docks site, once it has moved its operations to Ringaskiddy. ISIF is also in early stage engagement on other potential opportunities in Limerick, Waterford and Galway.
ISIF is open to engagement with public and private stakeholders and potential partners on further strategic sites of scale in our regional cities and towns. ISIF’s legislative mandate requires each of its investments to seek to generate economic impact and also to be made on fully commercial terms. On this basis any project proposed to ISIF needs to have a robust commercial investment case.
