ISIF to lend €50m to fi­nance Cher­ry­wood in­fras­truc­ture

The Irish Times - Business - - Business This Week | News - FIONA REDDAN

The State’s Ire­land Strate­gic In­vest­ment Fund is to lend up to €50 mil­lion to a de­vel­oper to help it build key in­fras­truc­ture to sup­port the con­struc­tion of more than 4,000 new homes in south Dublin.

The debt fa­cil­ity, of about €50 mil­lion, is to be pro­vided to US prop­erty gi­ant Hines to fund con­struc­tion of in­fras­truc­ture, such as roads, waste and util­i­ties, at the Cher­ry­wood Strate­gic De­vel­op­ment Zone.

Last week Hines sub­mit­ted a plan­ning ap­pli­ca­tion for the town cen­tre at Cher­ry­wood, which would see the con­struc­tion of al­most 1,300 apart­ments and more than two mil­lion square feet of mixed-use re­tail, leisure and res­i­den­tial.

The new town cen­tre will be con­structed on an el­e­vated site, in­te­grat­ing the ex­ist­ing Luas stops at Cher­ry­wood and Bride’s Glen, and will in­clude a se­lec­tion of open and cov­ered pub­lic spa­ces. The new town cen­tre will be lo­cated along­side Tully Park, which is cur­rently un­der con­struc­tion, and will be equiv­a­lent in size to St Stephen’s Green. There will be two un­der­ground car parks, 2,600 bi­cy­cle park­ing spa­ces and more than 150 charg­ing points for elec­tric ve­hi­cles.

Much-needed hous­ing

As a strate­gic de­vel­op­ment zone, cer­tain en­abling in­fras­truc­ture needs to be put in place be­fore res­i­den­tial and com­mer­cial de­vel­op­ment can take place, hence the debt fa­cil­ity from the State fund.

“The up­front de­vel­op­ment of es­sen­tial in­fras­truc­ture for Cher­ry­wood such as roads, cy­cle­ways, util­i­ties and three very sub­stan­tial parks is a key part of the strat­egy to ex­pe­dite the de­liv­ery of much-needed hous­ing for south Dublin,” said Brian Mo­ran, se­nior man­ag­ing di­rec­tor of Hines Ire­land.

The fund said it was ex­plor­ing fur­ther sim­i­lar in­vest­ments that meet its “dou­ble bot­tom line” man­date of gen­er­at­ing com­mer­cial re­turn and eco­nomic im­pact.

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