- Macquarie-led consortium reaches financial close on the construction of facilities for higher education institutions across Ireland
Macquarie Capital, the corporate advisory, capital markets and principal investment arm of Macquarie Group, has reached financial close on a Public Private Partnership (PPP) project for six new higher education buildings across multiple campuses in the east, south and midlands of Ireland, through a €250m (ex VAT) construction programme.
The PPP contract to finance, design, build and maintain the new buildings has been awarded to a Macquarie-led partnership, comprising Macquarie Capital as equity sponsor and financial advisor, JJ Rhatigan & Company as construction contractor and Sodexo for facilities management. The project will be funded by AIB, Bank of Ireland, Nord/LB, Korea Development Bank and Norinchukin Bank. The National Development Finance Agency (NDFA), part of the National Treasury Management Agency (NTMA), managed the procurement of this PPP project on behalf of the Department of Further and Higher Education, Research, Innovation and Science and the Higher Education Authority.
Once operational, the buildings will create more than 38,000 m2 of additional building space at the campuses across Ireland and will cater for over 5,000 student places. These are located in the Technological University Dublin Tallaght and Blanchardstown campuses; Munster Technological University campuses in Cork and Tralee; the Technological University of the Shannon Athlone campus; and at the Dún Laoghaire Institute of Art, Design and Technology. The provision of these buildings will free up space in existing buildings and allow for additional student places.
All six buildings will be designed to focus on practice-based learning, providing laboratories, workshops and studios for students to learn. They will also be set up with flexibility to adapt to changing teaching and learning needs, and to support the increasing need for hybrid and remote learning.
Richard Osborne, Senior Vice President, Macquarie Capital said: “We are proud to reach financial close and support the delivery of such an important project in Ireland as sole sponsor and equity investor. It builds on our strong track record delivering social infrastructure projects in Ireland. We look forward to delivering on these new six new buildings with the Department of Further and Higher Education, Research, Innovation and Science, the Higher Education Authority, the National Development Finance Agency and our trusted partners.”
This continues Macquarie Capital’s leadership in global education advisory and capital solutions for the private and public sector. It also builds on Macquarie Capital’s continued success in delivering PPPs in Ireland focusing on social infrastructure, following on from the completion of the 52,000 m2 East and Central Quad buildings at the Technical University Dublin’s (TUD) Grangegorman campus. Macquarie Capital has also previously supported six new social housing development sites located in and around Dublin.
Macquarie Group opened the doors to its first office in Ireland in 2003. Today, Macquarie businesses and portfolio companies are developing a 400 MW offshore wind farm near Galway, financing the development of digital infrastructure, and providing essential waste management and processing services to communities via Beauparc. Macquarie AirFinance, a leading provider of aircraft leasing and financing solutions is also headquartered in Ireland.
