Written answers
Tuesday, 16 January 2018
Department of Finance
Ireland Strategic Investment Fund Investments
Michael McGrath (Cork South Central, Fianna Fail)
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195. To ask 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. [54706/17]
Paschal Donohoe (Dublin Central, Fine Gael)
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I am informed by the Ireland Strategic Investment Fund (“ISIF”) that as at 31 December 2017 ISIF has a number of commitments in the area of residential and non-residential property. These commitments are outlined in tabular form below.
I am also informed by ISIF that the Fund has committed a further €25 million to a real estate debt structure, the detail of which will be announced in due course.
| ISIF investment | Purpose | |
|---|---|---|
| Activate Capital | €325m | Lending on commercial basis to residential development projects in Ireland. |
| Ardstone Residential Partners Fund | €30m | Residential equity investment fund. |
| Cherrywood | €52m | Site infrastructure funding to unlock 360 acres of development land at Cherrywood, South County Dublin, for residential and commercial development. |
| DCU Student accommodation | €54m | ISIF has leveraged DCU’s existing student accommodation programme to help unlock funding for the overall Campus Development Programme. |
| DAD Property Fund (Bancroft) | €8m | Investment partnership acquiring apartments in Tallaght, to provide mix of open market and social/affordable housing. |
| WLR Cardinal | €75m | Provides development and refinance capital. Focus on multiple real estate sectors, providing both pure finance & development capital. Some residential housing elements. |
| Quadrant | €50m | Focus on office development projects. Provides development and refinance capital. Some residential housing elements. |
| Kilkenny Regeneration | €2m | Providing seed investment for a major urban regeneration project in the heart of Kilkenny City. |
| Finegrain | €25m | Invests in offices, business parks, logistics facilities and industrial properties. Primarily in regional locations. |
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