Dáil Éireann Debate, Tuesday - 30 January 2024
212. Deputy Mairéad Farrell asked the Minister for Finance the name, year and the initial value of investments made in student accommodation related projects/funds/joint ventures since the Irish Strategic Investment Fund’s inception, in tabular form; and if he will make a statement on the matter. [3768/24]
View answerThe NTMA have informed me that the Ireland Strategic Investment Fund (ISIF) is a Sovereign Investment Fund with a mandate to invest on a commercial basis to support economic activity and employment in Ireland. ISIF focusses its efforts on making transformational investments across its impact themes of Climate, Housing and Enabling Investments, Scaling Indigenous Businesses, and Food and Agriculture.
As at 30 June 2023, ISIF had committed a total of €6.6bn to Ireland, directly and indirectly through its investment partners. ISIF's portfolio is diversified by asset class per above and its investment activity is spread across its four key investment themes of climate, housing and enabling investments, scaling indigenous businesses, and food and agriculture.
Under its housing and enabling investments strategy, which seeks to deliver new Purpose-Built Student Accommodation in regional locations, through a series of direct and indirect investments, ISIF has committed in excess of €150m specifically targeting the delivery of new Purpose-Built Student Accommodation (PBSA). Cumulatively these investments have delivered c.1,000 units thus far. The most recent of these investments is a €75m partnership with Harrison Street Europe, announced in September 2023, which will fund the development of new PBSA nationwide. Furthermore, ISIF has indirectly funded the development of an additional c.500 student beds through broad-based development finance platforms in which it is invested.
