Ashurst advises on Ireland's first social housing PPP project

The banks are providing finance to a borrower owned 100% by Macquarie. The €120 million project encompasses the design, construction and maintenance of six social housing development sites located in and around Dublin – creating over 530 new homes and apartments. This is Ireland's first social housing PPP, and is part of the Irish government’s wider €300 million commitment to deliver a total of 1,500 of social housing units and associated services via PPP. The project is part of the Rebuilding Ireland plan. The housing units will be managed by Choice Housing, under a 25 year agreement, with construction being managed by Sisk. Financial close occurred on 19 March.

The Ashurst team was led by partner Patrick Boyle on the finance side and also comprised partner Philip Vernon and senior associate Kate McKenzie on the project side. Legal consultant Karen Braakman and associates Ruxandra Ionescu and Lester Lim Kok assisted on the financing. Ashurst worked alongside Maples Group, as local counsel, led by Mary Dunne.