Ballymore has this month signed a €112m (£94m) deal with AIB (Allied Irish Bank PLC), allowing the company to create more sustainable new neighbourhoods in Ireland.
The funds will support sustainable Ballymore projects across the country, including a special tranche for social housing. The finance facility also includes provisions in relation to achieving the Environmental, Social and Governance (ESG) targets of both enterprises, with rates tied to environmental targets.
Managing Director of Ballymore Ireland, Patrick Phelan commented, “Social and environmental sustainability is at the forefront of everything we do. We pride ourselves on creating vibrant, inclusive communities that support people’s desired way of life, and where people feel like they belong. Through our design process and life-cycle analysis, and the use of innovative techniques in partnership with our supply chain, we are working to create truly sustainable developments.
“Despite a challenging global environment, with the support of AIB, Ballymore continues to do what we do best – identify opportunities, pursue challenging projects, and create remarkable places that deliver unparalleled living experiences – places with soul.”
Cathy Bryce, Managing Director of AIB Capital Markets added: “Sustainability is a key strategic priority for AIB. That is why we are supporting our customers in the transition to a lower carbon future through our €10 billion Climate Action Fund. Sustainability is about more than the environment; it is also about delivering on the social and governance agenda including through our €800 million Social Housing Fund and addressing social challenges such as housing supply. We are pleased to partner with an organisation that aligns so closely with our ESG objectives and to incentivise the construction of greener, more energy-efficient homes in the communities we serve.’’
Ballymore is already creating sustainable new developments across Ireland – including 8th Lock at Royal Canal Park. The building meets the European Nearly Zero Energy Building (NZEB) standard and are expected to qualify for the Irish Green Building Council Home Performance Index – Ireland’s first national certification system for sustainable residential development.