Tuesday 25 June 2019

Isif to invest €35m in new Cork office fund

Eugene O’Callaghan, director of the Ireland Strategic Investment Fund which backs startups and early stage firms
Eugene O’Callaghan, director of the Ireland Strategic Investment Fund which backs startups and early stage firms
Samantha McCaughren

Samantha McCaughren

The Ireland Strategic Investment Fund (Isif) is to invest €35m into a new Quadrant-managed fund that will provide financing of up to €120m for the development of high-quality office space in Cork city.

Quadrant clients will co-invest alongside Isif as opportunities arise, with Quadrant planning to raise additional funding in subsequent fundraising rounds for additional investment in Cork.

Isif's €35m investment is expected to co-finance the development of up to three large prime office blocks in the city, meeting demand from employers setting up new operations there or expanding in the area.

One Quadrant fund, in which Isif invested in 2015, has deployed over €230m in financing for office and commercial property and hotel investments in Dublin - including in the Docklands, the Sandyford business district and Donnybrook.

Isif's expectation is that the new Cork fund will result in more urban regeneration investments in Cork city.

This investment is aimed at addressing a shortage of modern, Grade A office space in Cork city and is designed to draw in financing from other investment sources.

Isif director Eugene O'Callaghan said the investment "aligns with our regional investment priority focus".

Sunday Indo Business

Also in Business