Dublin: AIB is set to launch a comprehensive plan aimed at delivering 1,000 new apartments annually across Ireland, backed by a substantial €500 million initiative.
In collaboration with Activate Capital through the Irish Apartment Development Fund (IADF), this ambitious project aims to provide a diverse range of housing options, including homes for owner-occupiers, private sector rentals, cost rentals, and social housing. Additionally, funding will be extended to support the development of apartments and student accommodations, with a particular focus on key urban centres such as Dublin, Cork, Galway, and Limerick.
Notably, AIB had previously allocated €800 million to support social housing initiatives, a significant portion of which has already been disbursed.
The Banking & Payments Federation Ireland (BPFI) reported a substantial increase in apartment constructions, with a 28% rise in the number of apartments completed last year, totaling 11,600 units. Overall, there were 32,695 new accommodation units added in the country, marking a remarkable 55% surge compared to 2019.
Cathy Bryce, CEO of AIB Capital Markets, emphasised that this initiative would provide crucial support for developers seeking financing for new housing projects. The primary objective of the IADF is to bolster funding for housing developments, prompting the collaboration with Activate Capital.
Activate Capital, known for its longstanding partnership with the Ireland Strategic Investment Fund, boasts a robust track record since its establishment in 2015. With the capacity to deliver over 18,250 homes and having already disbursed loans totaling €1.9 billion across 75 sites, Activate Capital stands as a leading provider of real estate development finance in the country.
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