The Torc Housing Partnership, in which Kajima is a leading member, has been selected as a Preferred Tenderer for the second phase of the Irish Government’s PPP programme to invest c. €300 million in social housing.
The Irish National Development Finance Agency (NFDA) is procuring the project on behalf of Cork County Council through a standard model PPP contract, which includes the design, build, finance, operation and maintenance of the Social Housing developments for a 25 year contract term.
The project is part of a three phase programme which will comprise the development of up to 1,500 housing units in three ‘bundles’ of sites, as well as the provision of services to including maintenance and upkeep over the 25 contract year period, and the return of the asset in prime condition.
The Torc Housing Partnership consortium is led by Equitix Ltd, who together with Kajima Partnerships Ltd are the lead developers and long term majority investors in the project. A Construction Joint venture exists between Irish builder JJ Rhatigan, and Spain’s Obrascon Huarte Lain, who are jointly responsible for the Design and Construction of the project. Delivering the Hard Facilities Management are Yorkshire based Derwent FM, and Tuath Housing Association will be providing the Tenancy Management. Norddeutsche Landesbank (Nord/LB) are providing the debt funding on this development.
The Irish Government’s PPP programme was announced by the Minister for Public Expenditure and Reform, Brendan Howlin T.D, in the October 2015 Budget, in which outlining a programme to invest €300million in social housing.
Craig Smailes, Project Director for Kajima Partnerships Ltd, said, “We are delighted to have been selected as the preferred bidder for the second bundle of Ireland’s Social Housing PPP programme. Kajima’s extensive experience and that of our partners ensures that the consortium is very well placed to deliver on this significant project. It is a landmark for social housing in Ireland, and we hope to play a greater role in the very promising development of the Irish PPP market.”