Four key IDA buildings for sale

THE IDA has put four of its key Waterford buildings on the market as it continues to sell off its properties in a bid to raise needy finance.

Three of the four buildings on the IDA's industrial estate on the Cork Road on the edge of Waterford City are occupied.

The units will probably be sold by private treaty and are estimated to fetch between €6m and €7m.

The monies from the sale will not go directly back into Waterford, but will be pooled nationally, said regional director for the South-East Brian Conroy.

He added that the sale of assets is in line with IDA policy nationally and part of the money will see its way back to the city:

"For a number of years now, the IDA policy has been to get out of owning property. We typically sell to the existing tenants or to investors in the private sector. The proceeds from such sales go back into our own property development programme."

The IDA has just closed the sale of one of its properties in Santry and it is envisaged that further properties will come on the market in the coming months.

The IDA's annual reports shows that property sales have been ongoing for a number of years. In 2001, it disposed of 19m worth of buildings. The tally was €17.7m in 2000.

Over 1,200 companies have chosen Ireland as their base to serve the European market and beyond.

Through the sale of some of its buildings, the IDA plans to develop flagship parks in each of its key locations across the country.

The proceeds of the current sales will be used to bring such parks up to international standard.

It is hoped in turn that such upgrades will help lure even more electronics, software, pharmaceuticals, healthcare, financial and international services employers here.