Oireachtas Joint and Select Committees

Wednesday, 24 May 2023

Committee on Budgetary Oversight

Sovereign Wealth Funds: Discussion

Mr. Nick Ashmore:

It was one of our first. We have a pipeline of these. It has taken us a while to figure out how to do these. They are not easy. In Kilkenny, the old Smithwick's Brewery site was taken in by the council so it owned the site. On that site was the old brewhouse which was a big concrete construction. We funded the conversion and renovation of that into a state-of-the-art sustainable office building. At the same time, the council contributed the value of that existing infrastructure as part of a joint venture transaction. Its investment was in kind in the form of the building, our investment was the money to renovate the building and we both jointly own that building now and it is rented out to Tírlán, the agri-co-op, and a number of other small local businesses.

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