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EIB lends €85 million for key Limerick urban development

Words: Roger Milne
Euros / Shutterstock_194311094

The European Investment Bank (EIB) has confirmed a record commitment for an urban Irish project, announcing that it will bankroll Limerick’s ambitious Opera Centre development to the tune of €85 million.

The money will be loaned over a 25-year period and will help to transform the derelict 1.7-hectare city centre site with a major commercial scheme.

This will involve a significant amount of new office floor space arranged in three major blocks, the largest of which will be 14 storeys high. There will also be a new public square with pedestrian links to adjacent city streets. The completed scheme is projected to accommodate about 51,100 square metres of development.

As well as the three large office blocks, several city buildings in the area will be refurbished to provide more office space and over 1,000 square metres of retail space.

This is the first EIB finance to be made available for a local authority programme in Ireland since 1993. And judging by comments made by EIB vice-president Andrew McDowell, it is the forerunner of more to come. 

“We expect to announce cooperation with further local authorities in the coming months,” he said.

The Opera Centre project is being led by Limerick Twenty Thirty, a special-purpose vehicle created and owned by Limerick city and county councils which is focused on developing infrastructure in the sub-region.

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