Bundle 2 of the Irish social housing project has reached financial close. The winning consortium of Torc Housing Partnership will start construction immediately. Bundle 2 comprises eight sites for the development of 465 social housing homes across counties Cork, Clare, Galway, Kildare, Roscommon, and Waterford. Construction of the 465 units will commence immediately following the award of the contract, with construction expected to take between 14-18 months. County Cork is leading the way in Bundle 2 of the PPP Programme, with 152 of the 465 new social homes being delivered on three sites across the county.
In 2016 only 45 social homes were delivered in Cork City and County. Since then 680 new social homes have been built, and another 885 are currently on site.
Under the contract, the construction works on these developments will be delivered by a joint venture between JJ Rhatigan & Co. and the Spanish firm Obrascon Huarte Lain S.A. (OHL) Upon completion of construction on each site, facilities management services will be provided by Derwent FM and Tuath Housing Association for a 25-year service period. Tuath will also provide tenancy management services. These bodies are also providing equity for the project in conjunction with the lead equity providers Equitix Ltd. and Kajima Partnerships Ltd. The German bank Nord/LB is providing debt funding for the project.