Project Pembroke selection process concludes22 Dec 2020
The National Asset Management Agency (NAMA) has announced the completion of a comprehensive process to select an investment partner for the development of a site into a vibrant residential and commercial extension of Dublin City. The successful bidder, a consortium consisting of Ronan Group Real Estate, funds managed by Oaktree Capital Management, L.P. (“Oaktree”) and Oaktree affiliate Lioncor Developments Limited (“Lioncor”), will be the 80% majority shareholder in Pembroke Ventures DAC (“PVD”). NAMA will retain a minority 20% shareholding in PVD.
PVD owns a brownfield site located within the Poolbeg West Strategic Development Zone in Dublin 4. The site extends to approximately 37.2 acres and has potential to deliver up to 3,800 residential units (including 25% social and affordable) and 1 million sq. ft. of commercial space, as well as a school site and community and public open spaces. Master planning and pre-development works are expected to commence immediately, with construction anticipated to start by mid-2021. PVD intends to transform the site into the natural extension of Dublin’s dynamic and growing City Centre, while benefitting from its natural seaside and parkside location. The consortium is highly encouraged by its shared principles of socially responsible development, intending to deliver high-quality residential and commercial space that reflects the highest standards of sustainability and efficiency, in accordance with its support of the UN Principles for Responsible Investment. The completion is subject to competition approval.
NAMA Chief Executive, Brendan McDonagh, said: “This announcement marks the culmination of five years of intensive asset management designed to achieve the best financial return from this key site while facilitating its future development. We look forward to working with our consortium partners to deliver the potential of this excellent site”
NAMA Chairman, Aidan Williams, said: “We are delighted with the outcome of this comprehensive process. It has resulted in the selection of demonstrated and successful partners to lead the future transformation of the Poolbeg West SDZ and the delivery of much needed housing in Dublin City. We would like to acknowledge the part played by Dublin City Council in progressing the Poolbeg West SDZ.”
Ronan Group Real Estate Chief Executive, Rory Williams, said: “This is a strategic development for Dublin in the truest sense of the term. Together with Oaktree, Lioncor and NAMA, we are proud to have been entrusted with the responsibility of realising the site’s full potential. We look forward in particular to delivering thousands of new homes, including almost 900 social and affordable units.”
Lioncor Chief Executive, John Maxwell, said: “Lioncor is delighted to expand its residential presence in Ireland. This transaction is a reflection of our firm’s core principles: delivering modern and highly amenitised residential communities, adopting market-leading design and sustainable construction standards. It’s a privilege to partner with NAMA and the Ronan Group, a company with an unparalled track record of building landmark buildings in Ireland.”