Jennifer Whitmore (Wicklow, Social Democrats)
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195.To ask the Minister for Finance to provide details of the ISIF funding for the Greystones media campus; what safeguards were put in place to ensure that the development progressed in line with commitments; what conditions were placed on the allocation of these funds; if he has had contact with the developers in relation to the delays in construction; and if he will make a statement on the matter. [25336/24]

Michael McGrath (Cork South Central, Fianna Fail)
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The NTMA has informed me that the Ireland Strategic Investment Fund (“ISIF”) carefully evaluated for a number of years ways in which it could invest on a commercial basis to support the development of new film studio infrastructure in Ireland in light of the increasing demand for film studio infrastructure globally, Ireland’s attractiveness as a location for producing content and the potential benefits to the Irish economy.

As a result of those evaluations, ISIF invested in Greystones Media Campus Limited (“GMC”), the company formed to develop a film studio in Greystones. The proposed development by GMC in Greystones secured planning permission in January 2021. In April 2022, it was announced that Hackman Capital Partners (“Hackman”), ISIF and Capwell (a Sisk family investment vehicle) would partner to develop the proposed film studio in Greystones. Hackman is a Los Angeles based real estate investment and operating company which owns and operates film studios in multiple jurisdictions worldwide. Hackman is the majority, controlling shareholder in GMC and ISIF and Capwell are minority, non-controlling shareholders. As part of the transaction, ISIF committed to invest up to €24m of equity in GMC to part fund the acquisition of the site and the development of a film studio campus. The majority of the transaction equity was committed by the other shareholders in GMC.

As the ISIF is a commercial investor it is not able to provide any non-public or commercially sensitive information related to its investment in the company or any particulars of any legal conditions or safeguards contained in the transaction documents.

GMC commenced preliminary works on the site in 2022. However, the film and TV production sector globally faced significant challenges over the last two years which negatively impacted new film studio development projects worldwide (including in Ireland generally and in Greystones).

ISIF has informed me that current status of the development is commercially sensitive information but noted that GMC is renewing its focus on the project. ISIF maintains ongoing and regular engagement with the company and its shareholders with respect to the proposed development.

On 11 January this year the U.S. investors in GMC updated on their investment me as part of a programme of meetings that I was involved while visiting the U.S. West Coast.