Press Statement - Project Pembroke selection process concludes

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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 unparalleled track record of building landmark buildings in Ireland.”

Note to Editors:

January 2015 – initial request from Dublin City Council (DCC) to the Department of Housing relating to the designation of the lands as an SDZ.

May 2016 – Government order designating the 34 hectares in the western area of the Poolbeg Peninsula as an SDZ on the basis of their economic importance to the State. DCC, as the appointed Development Agency, were charged with the preparation of a Draft Planning Scheme within two years of the making of the Order.

October 2017 – DCC approved the Poolbeg West SDZ Planning Scheme.

April 2019 – An Bord Pleanála approved the Poolbeg West SDZ Planning Scheme by means of Order ZD2013 dated 9 April 2019. The Planning scheme sets out the nature and extent of obtainable development and facilitates the fast-tracking of planning applications.

June 2019 – Lodgement of the Public Realm masterplan and planning application for phase 1 infrastructure, including public open space

July 2019 – NAMA commenced an extensive open market REI process offering an 80% shareholding in Pembroke Ventures DAC

January 2020 – DCC granted a ten year planning permission for the Phase 1 Infrastructure and approved the Public Realm Masterplan

July 2020 – NAMA announced a consortium – RGRE Devco No 7 – as Preferred Bidder

December 2020 – Transaction completion with Oaktree, its affiliate Lioncor Developments Limited and RGRE as owners of RGRE Devco No. 7 subject to competition approval