Dublin City Council and Department of Housing have partnered with Aurium Capital and Castlethorn to deliver 169 new homes in Dublin 15

• Developed by premiere Irish homebuilder, Castlethorn, the Rathborne Crossing development will provide a mix of one, two and three-bedroom apartments and duplexes
• Rathborne Crossing will feature a mixed-tenure approach including social housing and new homes supported by the Croí Cónaithe (Cities) Scheme
• 86 homes to be acquired by Dublin City Council upon completion, funded by the Department of Housing, Local Government & Heritage
• This new development has been enabled by a landmark €73m investment from Ingka Investments which is being managed and deployed by Aurium Capital, to address Dublin’s urgent housing needs

[Dublin, Ireland] – 17th September 2025 – Dublin City Council, working with Aurium Capital, a specialist impact-driven investment manager, and Castlethorn, one of Ireland’s foremost homebuilders, has today announced a significant project to deliver 169 much-needed new homes in Rathborne, Dublin 15. This initiative is made possible by a landmark €73m investment from Ingka Investments, the investment arm of Ingka Group, owner of IKEA Ireland.

A launch event marked a ceremonial brick laying for the 'Rathborne Crossing' development, which will provide a mix of one-, two- and three-bedroom apartments and duplexes, aiming to create a vibrant, inclusive, and sustainable community.

The event was attended by Lord Mayor of Dublin, Councillor Ray McAdam and James Browne TD, Minister for Housing, Local Government and Heritage, alongside representatives from Dublin City Council, Aurium Capital, Castlethorn, and Ingka Investments. The first block of homes is expected to be completed in November 2026, with the final phase ready in 2027.

“The ceremonial event marking progress at Rathborne Crossing is a welcome milestone in our ongoing work to deliver sustainable and inclusive housing in Dublin,” said Lord Mayor of Dublin, Councillor Ray McAdam. “This development will provide 169 high-quality homes and stands as a strong example of what can be achieved through effective collaboration between local government and private partners. It reflects our shared vision for building vibrant, well-connected communities that meet the needs of our growing city.”

Speaking at the event ceremony, Minister for Housing, Local Government and Heritage, James Browne TD, stated “I am determined to see more excellent developments like this delivered at pace and at scale. As a mixed-tenure development here in Rathborne Crossing, which includes social homes and build-to-purchase apartments, this delivery is essential to my commitment in building homes for people to grow up and grow old safely and securely in.

The delivery of 86 new social homes alongside 83 apartments has been made possible by the Department of Housing’s Croí Cónaithe Cities initiative, which helps bridge the viability gap between construction costs and market value. Demand for homes delivered under this scheme has already been strong, with units in South Dublin and Cork seeing rapid uptake from homebuyers.”

The development prioritises A-rated, sustainable living spaces, with meticulous planning focused on creating a thriving community. Key features include:

• Communal green spaces and dedicated playgrounds for children.
• Proximity to local schools and crèches, providing essential amenities for families.
• Excellent transport links to Dublin city centre and surrounding areas, ensuring residents have easy access to employment, education, and amenities.

The Rathborne Crossing development, managed by Aurium Capital with construction led by leading Irish developer Castlethorn, represents a significant step in addressing Dublin's housing needs. This project demonstrates the commitment to contributing to the communities in which it operates, aligning with the IKEA vision to create a better everyday life for the many people.

This mixed tenure development will provide a variety of housing tenure for the area, supported by the Department of Housing and The Housing Agency. On completion of construction, Dublin City Council will acquire 86 homes, with this acquisition funded by the Department of Housing, Local Government & Heritage, while the remaining 83 will be sold to purchasers supported by the Croí Cónaithe and First Homes Schemes.

Mick Mulhern, Assistant Chief Executive, DCC said “This is an important housing development for Dublin City Council, and I’m delighted to mark its official launch. I am confident that once completed, Rathborne Crossings will add significantly to what is an already thriving community and will provide much needed new social homes for our citizens. It’s great that our work with Aurium Capital and Castlethorn will deliver a high-quality homes, but I’m also very pleased that we will create new public spaces and a crèche for the Rathborne community. I would like to thank the Department of Housing, Local Government & Heritage for working with us on this project.

Designed for sustainable living, Rathborne Crossing homes will meet Nearly-Zero Energy Building (NZEB) standards and boast an A2 BER, ensuring exceptional energy efficiency and lower running costs. Features include advanced insulation, heat pump systems, solar panels, and EV charging provisions, all contributing to a greener, more comfortable lifestyle.

Having initially set out a plan to only deliver social housing homes, Ingka Investments and Aurium Capital have closely worked with Castlethorn and Dublin City Council, evolving the delivery of homes to better reflect the mixture of housing needs in the city and enable meaningful homeownership.

Steven Blase, Partner, Aurium Capital, said: “We are incredibly proud to be overseeing the delivery of the Rathborne Crossing scheme, a project that highlights our commitment to sustainable and impactful development. This initiative, made possible by the strategic investment from Ingka Investments and our partnership with Castlethorn and Dublin City Council, demonstrates how purpose-driven collaboration and agile thinking can directly address the critical and constantly-evolving housing needs in Dublin and promote environmentally sustainable communities."

Ronan Columb, Group Managing Director, Castlethorn shared: “Castlethorn is delighted to bring our expertise together with DCC, INGKA Investments, Aurium Capital and The Housing Agency to deliver much needed housing at Rathborne Crossing.  Castlethorn is one of Irelands most productive and creative developers. This venture took vision and courage from all the stakeholders to realise this great development. We look forward to many more collaborations with the state and state agencies to help address our national housing shortage.”

Samuel Rundle, Head of Financial Markets Investments, at Ingka Investments added: “As a purpose-led company, our aim is to invest with impact, delivering positive returns for communities and the environment for generations to come. This project has been developed by Aurium Capital in close collaboration with Dublin City Council and local stakeholders, ensuring it meets the needs of the community and contributes to the overall development of the area. We are proud to contribute to addressing the housing challenges in Dublin by creating a vibrant and inclusive community in Rathborne”

ENDS