Two landbanks in Louth snapped up by IDA Ireland in bid to attract more foreign investment
A total of 149 acres were bought by the group, one of which is located in Killally in Dundalk
Two landbanks in Louth have been bought by IDA Ireland in a bid to attract more foreign direct investment (FDI) into the county.
The two landbanks, totalling 149 acres, are situated in the townland of Killally in Dundalk and Mell in Drogheda.
According to IDA Ireland, buying these landbanks are part of their long term plans to make both Louth and the northeast more competitive in attracting FDI.
Dundalk Chamber has welcomed the acquisition of the land by IDA Ireland, with Chamber PRO Paddy Malone calling it a "big win" for Louth and for Dundalk.
"It's a very positive development... Dundalk and Louth have better sites than anywhere else in the country," said Malone.
"We're delighted that County Louth as a whole has been identified... The more we see of this the better."
Malone said that the Chamber had previously argued that Louth and the M1 corridor should be used to attract more FDI.
This acquisition is currently part of IDA Ireland’s national property programme, which is supported by the Government through the Department of Enterprise, Trade and Employment.
IDA Ireland has also said that current FDI performance in Louth has been strong over the past five years, with companies in engineering technology, medical technology and international financial services.
There are a total of 30 IDA Ireland backed companies in Louth, with those companies employing 4,372 people from across the county.
“We are pleased to have acquired these two landbanks enhancing our offering in the North East,” said Denis Curran, IDA Ireland’s Divisional Head of Regional Development and Property.
“A robust property and infrastructure ecosystem can be the key differentiator in winning FDI projects.
“IDA will continue to work with commercial property developers and Local Authorities to market other property solutions across all regions where they exist.”
Companies like WUXI and Amazon Web Services have previously benefitted from IDA Ireland support.