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Dublin Docklands
# bennett group
Land at South Docks to be developed for 'world-class' office facilities
Investors say the decision reflects continued confidence in Ireland as a business-friendly environment
LAND IN DUBLIN’s South Docks is to be used for the creation of ‘world-class office and mixed use facilities’ in a venture involving three bodies including the National Asset Management Agency (NAMA).
Los Angeles-based investment company, Oaktree Capital Management, Irish-based construction company Bennett Group and NAMA will combine their respective ownership of land to create a development potential of up to 50,000 square metres in Dublin’s South Docks.
All three parties have invested in a new qualifying investment fund (QIF) which was authorised by the Central Bank in early July.
The South Docks Fund is a sub-fund of Targeted Investment Opportunities and has acquired a number of development sites in Dublin’s docklands and plans to develop them over time. NAMA will be a minority shareholder in the sub-fund.
The land will be used to create “world-class office and mixed use facilities” according to a joint statement issued today. Justin Bickle, managing director for Oaktree said in a statement: “Ireland’s business-friendly environment, track record for innovation, and talented workforce continue to attract high calibre companies from around the world.
“We and Bennett Group look forward to working with NAMA to play our part in the economic resurgence of the South Docks in the coming years.”
NAMA chief executive Brendan McDonagh said the decision is “a welcome first step towards unlocking the significant potential of the South Docks for future development”.
McDonagh added that the move signals continued international and domestic investment confidence in Ireland.
Read: ‘One Community’ approach for Dublin Dockland future>
Read: CHQ building in Dublin’s docklands is sold for €10 million>
