Oaktree, Bennett Group and NAMA to invest together in Dublin’s South Docks; QIF established with Oaktree as investment manager

It was announced today that parties affiliated with Los Angeles-headquartered alternative investment manager, Oaktree Capital Management, L.P. (“Oaktree”), Irish based property and construction group Bennett (“Bennett Group”) and NAMA will combine their respective ownership of land with a development potential of up to 50,000 sq. metres in Dublin’s South Docks.

The parties have invested in a new Qualifying Investor Fund (“QIF”) that was authorised by the Central Bank of Ireland on 2 July 2013.  The South Docks Fund is a sub-fund of Targeted Investment Opportunities plc, an umbrella fund with segregated limited liability between sub-funds of which Oaktree is the investment manager and Bennett Property Limited is the property manager. NAMA will be a minority shareholder in the sub-fund.  The South Docks Fund has acquired a number of  development land sites in Dublin’s South Docks and plans to develop them over time.


Justin Bickle, Managing Director of Oaktree commented:

“We are delighted to partner with NAMA and Bennett Group to invest in the heart of Dublin’s South Docks and to provide the capital necessary to facilitate the creation of world class office and mixed use facilities with our investment and construction partners. 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.”


Brendan McDonagh, CEO NAMA also commented:

“The Dublin Docklands continues to be of strategic importance in creating local jobs and encouraging overseas investors into Ireland. Our QIF shareholding alongside major international investment firm Oaktree, and Bennett Group, one of Ireland’s well known property and construction firms, is a welcome first step towards unlocking the significant potential of the South Docks for future development and provides further confirmation of an increase in international and domestic investor confidence in Ireland.”

                                                                                                                    –ENDS –

About Oaktree:

Oaktree is a leading global investment management firm focused on alternative markets, with $78.8 billion in assets under management as of 31 March 2013. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in distressed debt, corporate debt (including high yield debt and senior loans), control investing, convertible securities, real estate and listed equities. Headquartered in Los Angeles, the firm has over 700 employees and offices in 13 cities worldwide.

The investment manager of the QIF is Oaktree Capital Management (UK) LLP and the team responsible for this investment is based in Oaktree’s London office.

For additional information, please visit Oaktree’s website at www.oaktreecapital.com

About Bennett Group:

The Bennett Group is an international family owned construction services and property management company with offices and projects in Dublin, London and Germany.  The Bennett Group was founded in 1917 in Mullingar, Ireland. Since then the group has grown in both size and reputation with a broad portfolio of successfully completed projects across a range of property sectors. 

For additional information please visit the Bennett website at www.bennettconstruction.ie