IKEA stores investment group, Ingka Investments, has committed to build at least 150 homes in the greater Dublin area with a €100m sum. These homes will be ready for residents in the next three years, and leased on a long-term basis to relevant local authorities.

"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 in Ireland, demonstrating a new way for companies like ours to be part of the solution," said Peter van der Poel, managing director of Ingka Investments.

Each project is construction ready and averages 50-70 units. Ingka has ensured the properties will have minimal impact on local services, and will "produce significant benefit to society" as well as increase the stock of social housing in Ireland.

Rental payments by local authorities will be treated like mortgage repayments, meaning the transfer of the homes at the end of the term will come with an estimated zero additional cost.

Construction is expected to begin in the coming weeks.

A significant portion of the funds being put up by Ingka will be allocated to ensure the energy efficiency of the homes is of the highest standard, reducing the financial cost to the occupier. A percentage of the funding will hopefully be invested in social facilities - including parks, playgrounds and community centres.

The project will be executed and delivered by Aurium Capital, specialists in sustainability-focused investment, which will be responsible for co-ordinating the construction and delivery of the homes.