Shannon Group plc was incorporated in August 2014 following enactment of the State Airports (Shannon Group) Act 2014. Shannon Airport Authority DAC and Shannon Commercial Enterprises DAC (trading as Shannon Commercial Properties) are wholly-owned subsidiaries of Shannon Group, a commercial State Company with a fully commercial mandate. The principal functions of the Group are set out in Section 10(2) of the 2014 Act and include the operation, management and development of Shannon Airport and the promotion, management and development of the commercial property portfolio held by Shannon Commercial Properties (SCP).
To date, SCP has successfully managed and grown Shannon Free Zone (SFZ) (its property portfolio around Shannon Airport). In the development of the SFZ, SCP has significantly contributed to employment in the Region. During 2018, SCP’s major regeneration programme in the SFZ continued. Since 2015, €41m has been invested in SFZ by SCP which has resulted in the delivery of over 650,000 square feet of new or upgraded office, manufacturing and warehouse facilities with occupancy rates now over 90%. SFZ is now home to 170 companies employing over 8,000 people.
In 2018 the Government published Project 2040. Under Project 2040, Shannon Group has plans to invest in excess of €150 million in its capital programme over the period to 2022. This includes €100m for the continued development of the property portfolio which is designed to deliver high quality advanced manufacturing, warehousing and office space solutions.
Shannon Group’s programme of investment will assist the IDA and Enterprise Ireland in their drive for inward investment and increase employment in the region.