Written answers
Wednesday, 16 January 2019
Department of Finance
Ireland Strategic Investment Fund Investments
Michael McGrath (Cork South Central, Fianna Fail)
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110. 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. [1852/19]
Paschal Donohoe (Dublin Central, Fine Gael)
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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.
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