Ingka Investments has committed €100m to help fund social housing units in Ireland’s capital.
Ingka Investments said it will fund the construction of 150 social housing units, which will then be leased to the local authority.
Construction is expected to commence in the coming weeks with delivery of the housing units expected over the next 36 months.
The project will be delivered by specialist sustainability-focused investment manager Aurium Capital.
Peter van der Poel, managing director of Ingka Investments, said: “We hope this project will provide an innovative, community-focused template for social housing provision in Ireland, demonstrating a new way for companies like ours to be part of the solution.”
Nimesh Kamath, partner at Aurium Capital, said: “We are delighted to be working with Ingka Investments on this ground-breaking strategy. Our objective is to deliver energy-efficient and affordable housing for the benefit of the local community and with a lasting legacy for the public.
”This joint venture with Ingka Investments leverages Aurium’s experience in delivering real assets with a significant environmental impact to assist with the drive to net zero, whilst providing genuine social impact.”
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