Construction BUSINESS

Tuath Housing Set to Finalise €118 Million Low-Interest Financing Deal

 Breaking News
  • Cork Businesses Call For Delivery on the Capital Plan as Set Out in Ireland 2040 Businesses in Cork have voiced their concerns over the slow pace of progress with significant capital projects and are calling for accelerated delivery of the National Development Plan, to support balanced growth and job creation across the entire country. Ibec Cork Regional President Sean Moran said: “Business is concerned that progress is slipping in the delivery [...]...
  • Solid Rise in Construction Activity, But New Order Growth Slows to Four-and-a-half Year Low The Ulster Bank Construction Purchasing Managers’ Index® (PMI®) – a seasonally adjusted index designed to track changes in total construction activity – rose to 53.7 in August from 51.4 in July. This marked the first pick-up in the rate of growth in four months, with construction activity increasing at a solid pace midway through the third quarter. Commenting on [...]...
  • Sisk Becomes First in Europe to Introduce Lifting Robotics to Site Leading construction company John Sisk & Son has become the first contractor in Europe to introduce robotics to construction projects, investing €150,000 as part of its commitment to enhance productivity on its sites and minimise health and safety risks to its workforce. The innovative robotic tool known as a Material Unit Lift Enhancer (MULE) was [...]...
  • Local Government Procurement Opportunities is Focus of Free Supplier Engagement Event Fingal County Council is one of eight local authorities from Greater Dublin and surrounding areas supporting a Supplier Engagement event focusing on local government procurement opportunities. InterTradeIreland, together with the Local Government Management Agency (LGMA) are hosting the free half-day event at the CityWest Hotel on October 1. Local government in Ireland manage contracts which support and [...]...
  • Permanent Met Lidars at Irish Wind Farms ZX Lidars has delivered ZX 300’s to Statkraft Ireland for the purpose of assisting with operational wind farm monitoring including power performance tests through to the provision of wind measurements for production forecasting/reporting. The use of wind Lidars in this capacity reduces the working at height and planning requirements associated with traditional met masts. In addition, [...]...

Tuath Housing Set to Finalise €118 Million Low-Interest Financing Deal

Tuath Housing Set to Finalise €118 Million Low-Interest Financing Deal
August 29
10:32 2019

Ireland’s fastest growing Approved Housing Body plans to capitalise on the current ‘lower for longer’ interest rate environment to accelerate its planned delivery programme of 2,000 social homes by end 2022. Tuath Housing Association currently manages 5,000 social homes across Ireland with plans to scale to 7,000 homes in the next three years.

The Housing Finance Agency (HFA), has provided financing of €186 million in the last three years representing two thirds oTuath’s borrowings for the period 2016 to 2018. The new funding package is designed to complement current and future debt funding via the HFA. As part of Tuath’s drive to diversify its financing, the association sought out alternative sources of funding and innovative ways to leverage existing resources. Funders responded positively.

Tuath plans to deepen its existing relationship with AIB Corporate Banking and looks forward to working with German bank Norddeutsche Landesbank Girozentrale (“NORD/LB”)NORD/LB has significant experience in social infrastructure financing in Ireland and across Europe and is the funder for the TORC Housing Partnershipwhich includes Tuathfor the second phase of the Government’s social housing PPPThe €120 million finance package will be provided aexceptionally low interest rates of below 2.5%, fixed for up to 25 years. 

Brian Nevin, Head of Treasury at Tuath Housing, explained: “In the current competitive financing market, lenders and investors are increasingly recognising the benefits of providing debt finance for social housingThe housing market in Ireland tends to experienceflux, with peaks and troughs but we cannot afford to dip in and out of social housing delivery. The provision of social housing must be a constant, despite any ups and downs in the housing market. This innovative use of debt financing supports the State’s long-term commitment to social housing. We need to be consistently investing in social housingTuath will continue to innovative to ensure the ongoing delivery of urgently needed new homes for families across Ireland.”

AIB is delighted to continue to back Tuath with the provision of much needed social housing. AIB, as one of the leading suppliers of credit in the housing sector, is fully committed to providing funding for social housing, and the opportunity to strengthen our relationship with Tuath is an important part of this,” sais Cathy Bryce, Managing Director of AIB Corporate, Institutional and Business Banking.                               

John Hanley, Senior Director at NORD/LB, noted: “As a State-owned bank with a long historical involvement and a long-termperspective on the financing of social infrastructure in Ireland and across Europe, we are delighted to be working with Tuath on these projects to increase the availability of much needed social housing in the Republic.”

About Author



Related Articles

Constrcution Summit

PROMO – Construction Summit 2016 – Sustaining the Momentum

Lean Construction Ireland – Enhancing Ireland’s Competitive Advantage

The Magazine – Construction Business

The Magazine – Construction Summit 2016

The Magazine – Construction Summit

Upcoming Events

  • No upcoming events
AEC v1.0.4

New Subscriber

Subscribe Here