Wednesday, 16 January 2019

Ceisteanna (110)

Michael McGrath

Ceist:

110. Deputy Michael McGrath asked the Minister for Finance the investments including lending made by the Ireland Strategic Investment Fund in the area of residential and non-residential property since its inception; and if he will make a statement on the matter. [1852/19]

Amharc ar fhreagra

Freagraí scríofa (Ceist ar Finance)

I am advised by the Ireland Strategic Investment Fund (ISIF) that the following table sets out the ISIF’s commitments, in the area of residential and non-residential property, as at 31 December 2018.

ISIF Investment

Cherrywood

Activate Capital

Man Aalto

Ardstone Residential Partners Fund

Urbeo Residential

Amount

€52m

€500m

€25m

€30m

€58m

Purpose

Site infrastructure funding to unlock 360 acres of development land at Cherrywood, South County Dublin, for residential and commercial development

Lending on commercial basis to residential development projects in Ireland

Real-estate debt fund that provides loan finance to residential developers and builders working on smaller-scale projects in large urban areas

Residential equity investment fund

Investment in build to rent residential platform. The platform will partner with builders, developers, and housing associations to deliver new rental housing projects, which shall include an element of supported tenancies

ISIF Investment

Avestus Capital Partners

DCU Student accommodation

WLR Cardinal

Kilkenny Regeneration

Quadrant

Finegrain

Amount

€25m

€55m

€75m

€2m

€50m

€25m

Purpose

Residential property fund which will invest in the Irish Private Rented Sector. The fund is managed by Avestus Capital Partners. ISIF’s equity capital will be exclusively used to forward purchase newly developed rental properties and support the construction of new homes in Ireland

ISIF has leveraged DCU’s existing student accommodation programme to help unlock funding for the overall Campus Development Programme

Provides development and refinance capital. Focus on multiple real estate sectors, providing both pure finance & development capital. Some residential housing elements

Providing seed investment for a major urban regeneration project in the heart of Kilkenny City

Focus on office development projects. Provides development and refinance capital. Some residential housing elements

Invests in offices, business parks, logistics facilities and industrial properties. Primarily in regional locations.

Therefore, ISIF’s commitment to the investments above as at 31 December 2018 is €897 million. Co-investors have invested an additional €2.7 billion bringing the total capital investment in the area of residential and non-residential property to €3.6 billion.