The European Investment Bank (EIB) has provided €85m in financing to Limerick City & County Council for the re-development of opera site in Limerick, Ireland.
The loan amount will be used to transform the 1.62-hectare Opera site in the city centre into a commercial and office development, which is expected to create 3,000 jobs.
EIB said that the 25-year loan also marks its largest ever urban investment in Ireland.
The Opera site will be the largest single project in the Limerick Twenty Thirty programme, which was unveiled in 2016 with an aim to deliver more than €500m worth of transformational infrastructure across main strategic sites in Limerick.
According to EIB, the programme is already progressing well, with the 80,000 sq ft LEED Gold ‘Gardens International’’ office accommodation project that is set for completion in late 2018.
EIB vice president Andrew McDowell said: “The European Investment Bank is pleased to support this impressive and ambitious investment that with transform the city of Limerick over the coming years.
“This will create thousands of new jobs, renovate vacant buildings to provide much needed office space and regenerate historic buildings in Ireland’s third city, as well as reducing energy bills for public buildings.”