SECOND BUNDLE OF SOCIAL HOUSING PPP PROGRAMME TO COMPLETE IN 18 MONTHS
The Torc Housing Partnership has announced that it has reached financial close on the project for the second phase of the Government’s PPP Programme to deliver 465 new homes in Ireland. This project is the second bundle of the Government’s investment programme into social housing and the housing will be built in the counties of Cork, Kildare, Clare, Galway, Waterford and Roscommon. Construction will commence immediately and is expected to take between 14 and 18 months.
The Torc Housing Partnership is a consortium led by Equitix, who together with Kajima Partnerships are the lead developers and long-term majority investors in the project. The other investors are Obrascon Huarte Lain S.A. and Tuath Housing Association, who have a small equity stake. Torc’s advisers include Philip Lee (Legal), EY (Finance), BTY (technical and lifecycle), Marsh (Insurance) and Aecom (independent Tester and Assigned certifier roles).
A construction joint venture between Irish builder JJ Rhatigan and Spain’s Obrascon Huarte Lain (OHL) who are jointly responsible for the Design and Construction of the project, will deliver the new homes.
Padraic Rhatigan, Managing Director of JJ Rhatigan & Company, said: “JJ Rhatigan & Company is proud to be involved in the delivery of the second bundle of this significant social housing initiative and setting the standard for the subsequent phases of the programme. As an indigenous Irish main contractor, we link local experience and expertise with the best of international practice. We are a national player in the regions making this partnership an excellent fit for us.”
The complete PPP development programme is expected to deliver up to 1,500 housing units across Ireland and will provide management and maintenance services to the developments after construction over a 25-year period. All properties will be well maintained and returned to the relevant local authority at the end of the 25-year operating period.
