Bank of Ireland has committed to supporting Alanna Homes in its development of the Plovers Wood Housing Project in Co. Westmeath.
The project is being delivered by Alanna Homes under a licence agreement with Westmeath County Council and will deliver a total of 576 residential units, a community hub and two creches.
Alanna Homes has committed funding for the initial phases of the project and said the transaction allows it to play its part in supporting the delivery of quality housing whilst also continuing to support Alanna Homes, with this transaction marking the latest in a series of successful collaborations.
“Delivering much needed homes across the country is a key priority for Bank of Ireland. Mixed tenure schemes such as this will be critical in that delivery”
On completion, the new homes will offer high quality living with excellent energy efficiency, which is a strategic ESG (environmental, social, governance) priority for the Group.
A constructive relationship
The project promises to deliver an environmentally responsible low-impact development, aligning with Alanna Homes and Bank of Ireland’s commitment to sustainability. Each unit will be constructed to a minimum BER A3 Rating.
In addition, 30% of the overall scheme will be apportioned towards the provision of much needed social Housing, addressing a key area of demand and helping to support local communities
“We are thrilled to continue our long-standing relationship with Alanna Homes and I would like to thank them for their ongoing support,” said Brian Gaffney, head of Residential and Development Finance at Bank of Ireland Corporate & Commercial Banking.
“Once again, we are delighted to demonstrate our support for our house builders in delivering much needed homes across the country, a key priority for Bank of Ireland. Mixed tenure schemes such as this will be critical in that delivery.”
The Alanna Homes team has delivered more than 20,000 homes into the Irish market, a number of hotels, office developments and mixed-use redevelopment schemes in Ireland, UK, Europe and the US.
“Alanna Homes is delighted to complete our latest transaction with Bank of Ireland which secures financing of our Plovers Wood development,” said Tom Freeman, Development Director, Alanna Homes.
The project marks a new opportunity for Alanna Homes to partner with Westmeath County Council in providing new homes to serve the community. We are delighted to be part of this new strategy and look forward to welcoming new homeowners over the coming years.
“We deeply value the flexible and constructive relationship we have built with Bank of Ireland and look forward to partnering with them on future strategic initiatives.”
Bank of Ireland is currently supporting the construction of 26,000 homes across 214 sites in 21 counties.
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