Press Statement - NAMA sells remaining 20% shareholding in Irish Glass Bottle project

30 June 2023

The National Asset Management Agency (NAMA) has sold its remaining 20% shareholding in Pembroke Ventures DAC (“PVD”), the owner and developer of the Irish Glass Bottle site in Pembroke, Dublin 4.

The 20% shareholding is being acquired by the majority 80% shareholder in PVD. Following the sale announced today, this shareholder has now taken 100% ownership of the project and will oversee completion of the transformation of the Poolbeg West SDZ and the delivery of much needed housing in Dublin City.

PVD owns the Irish Glass Bottle site, located within the designated Poolbeg West Strategic Development Zone (SDZ), that extends to approximately 37.2 acres. The site has the potential to provide, subject to planning approval from Dublin City Council, up to 3,800 new homes (including 900 social and affordable homes) and 1 million sq. ft. of commercial development, as well as educational facilities, public open spaces, civic spaces, and other community amenities.

The sale of NAMA’s shareholding will have no impact on construction or on PVD’s plans to seek planning permission for new homes (including the 900 social homes and affordable homes) and commercial space on the remainder of the site.

Construction on the site commenced in May 2023 to deliver the first phase of 570 new homes and necessary infrastructure. To date, the site has received planning permissions from Dublin City Council for 894 new homes including for 224 social and affordable homes (equivalent to 25% of the 894 homes).

NAMA Chief Executive Brendan McDonagh said:

“NAMA is delighted to have been able to steward this project to the point of commencement of construction. Through intensive asset management and collaboration, NAMA advanced this excellent landmark site from brownfield status to an SDZ site under active development by the consortium, with the first 570 new homes under construction. The overall site will deliver 10% social and up to 15% affordable housing per the SDZ. This transaction represents the best achievable financial return for NAMA, in line with the statutory requirements of the NAMA Act.”