Irish Social Housing Fund secures €30m from AIB to buy 100 homes

A fund dedicated to the provision of social housing has refinanced its portfolio with AIB to secure funding of €30 million that will help it acquire about 100 homes.

The Irish Social Housing Fund (ISHF), established in 2018 by debt advisory group New Beginning and investment firm RoundShield, completed the financing to allow it to deploy the funding on social housing developments across the Republic. ISHF noted the deal was done with a “pillar bank” which The Irish Times understands to be AIB.

To date, the ISHF has invested more than €100 million in equity to purchase 400 homes and apartments, working with local authorities to redevelop and refurbish properties to high standards, while providing those properties at discounted rents on a long-term basis for social housing. The fund has set a target of delivering 1,500 properties for social housing over the coming three years.

New Beginning chief executive – and barrister – Ross Maguire told The Irish Times that the fund would refinance for another €30 million “in a few months time”.

“Once the portfolio is stabilised, it could be suitable for pension funds to invest in,” he noted.


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