The management of the IDA's industrial property portfolio, including policy and strategy in regard to location and cost of individual units, is a day-to-day operational matter for the agency as part of the statutory responsibility assigned to it by the Oireachtas for the attraction of foreign direct investment to the State and its regions.
While the IDA is not a commercial State company, the management of its property portfolio requires it to operate in a competitive environment where policy and strategies that are or have been pursued in regard to individual property units can have an enormous impact on its ability to carry out future negotiations and obtain value for the taxpayer. As such it is important that the agency be given freedom to carry out commercial transactions in accordance with its statutory remit.
The IDA owns 164 buildings throughout the country, of which 22 factory buildings are currently vacant and three are reserved for companies. The date of construction of these properties ranges from 1973 to 1985 with the exception of one factory, which was built in 1969. In addition, the IDA currently has a 35-year lease on a further 91 buildings. The date of construction of these properties ranges from 1980 to 1985. The IDA has entered into 35-year leases on these properties at an annual rental cost of €1,971,392. Some 28 of these leased factories are vacant, bringing the total number of IDA vacant factories to 50.