The National Asset Management Agency (Nama) has sold its remaining 20 per cent stake in the former Irish Glass Bottle site and an adjoining plot in Dublin to its partners in the project, US private equity firm Oaktree and developer Johnny Ronan.
The move comes two years after Oaktree and minority partner Mr Ronan’s Ronan Group Real Estate (RGRE) bought an 80 per cent interest in the 37-acre site for €200 million. Lioncor, a development company jointly owned by Oaktree and Dublin-based Alanis Capital, is also part of the project consortium.
“Nama has sold its remaining 20 per cent shareholding in Pembroke Ventures DAC, the owner and developer of the Irish Glass Bottle site in Pembroke, Dublin 4,” a spokesman for the State bad bank said in response to questions from The Irish Times. “This transaction represents the best achievable financial return for Nama,” he added, declining to comment on the value of the deal.
A spokesman acting for Oaktree, Lioncor and RGRE in relation to the project also confirmed the transaction, adding that they would “like to thank Nama for its collaboration in bringing this important project to commencement”.
Long a symbol of Celtic Tiger hubris, the largest vacant plot in the capital is expected to deliver up to 3,800 homes, 25 per cent of which are earmarked for social and affordable housing, as well as 1 million sq ft (92,903sq m) of commercial space. There are also plans for a school and public open spaces.
Construction started in May on the first residential development element of the project, involving 570 social, affordable and private housing as well as related infrastructure. The partners secured planning approval from Dublin City Council in February for a further 324 homes and associated facilities.
However, the further phases of the project have suffered setbacks in recent months. The council decided in May to refuse planning for 516 apartments on the site after a council planner’s report highlighted “unacceptably poor levels of residential amenity” in terms of daylight and sunlight availability internally within the planned apartments and courtyard spaces.
Earlier this month the council declined to give the consortium planning to construct a Life Science and Innovation hub mixed-use scheme, comprising two office blocks with one reaching to 12 storeys and a second ranging five to seven storeys. The council based its decision on the applicant’s failure to submit a finalised Natural Impact Statement connected to the scheme.
“We look forward to working with the Dublin City Council, our partners and other key stakeholders to deliver more housing and more social and affordable housing to the city of Dublin,” the remaining Pembroke Ventures partners said on Friday.
Nama had receivers appointed to two separate parts of the 37-acre site between 2011 and 2012 as the respective owners ran into financial trouble.
A company called Becbay, backed by developer Bernard McNamara, property financier Derek Quinlan and State agency the Dublin Docklands Development Authority, owned the 25-acre glass bottle land at that time. Becbay acquired the holding in 2006 for €412 million in an Anglo Irish Bank-backed deal. A company linked to boom-era developer Liam Carroll once held the remaining 12 acres.
