Construction work will start in the coming weeks and continue over the next three years.

Once completed, the social housing units will be leased to the local authority on a long-term basis.

Uniquely for Ireland, the lease payments from the local authority will be treated like mortgage repayments, allowing the transfer of the homes to the local authority at the end of the term at an estimated zero additional cost.

Peter van der Poel, managing director of Ingka Investments, said: ‘As a purpose-led company, our aim is to invest with impact, delivering positive returns for communities and the environment for generations to come. We hope this project will provide an innovative, community focused template for social housing provision in Ireland, demonstrating a new way for companies like ours to be part of the solution.’

Nimesh Kamath, partner at Aurium Capital, added: ‘We are delighted to be working with Ingka Investments on this ground-breaking strategy. Our objective is to deliver energy efficient and affordable housing for the benefit of the local community and with a lasting legacy for the public. This joint venture with Ingka Investments leverages Aurium’s experience in delivering real assets with a significant environmental impact to assist with the drive to net zero, whilst providing genuine social impact.’

Sustainability focused investment manager Aurium Capital will coordinate the construction and delivery of the social homes.

They will feature the highest energy efficiency standards, while a percentage of the funds will be invested in social facilities such as parks, playgrounds, and community centres.

Each project is construction-ready and relatively compact in scale, averaging 50-70 units each, ensuring minimal impact on local services and better integration into neighbouring communities.