Bank of Scotland (Ireland) has taken a 20 per cent stake in a €230 million joint venture to develop three sites in Dublin 8.

The joint venture is held through a new company, Columbia Formation Group Ireland, with the largest holding of 70 per cent being held by Impala, a group led by property developer David Kennedy. The remaining 10 per cent is held by the Formation Group, a UK-based professional services company.

The sites, which include Clancy Barracks in Islandbridge and two sites on Davitt Road, were previously owned by Unilever and Lyons Tea. Clancy Barracks will be developed first, with a wide variety of facilities including more than 700 new homes, restaurants, local shops and a hotel spread over the 14.5 acre site. It will be renamed Clancy Quay. Phase one of the development has begun and homes are being sold, while planning applications are under way for both of the Davitt Road sites.

Claire Carroll, investment director in integrated and acquisition finance at Bank of Scotland (Ireland) welcomed the chance to participate. "With continued demand for both residential and office accommodation in Dublin city centre, we saw this deal as an ideal candidate for our joint venture model."