NAMA seeking €125m for 80% stake in docklands development
NAMA is seeking bids of over €125 million for an 80% stake in the Poolbeg West Development in Dublin’s docklands.
The asset management agency will retain an interest of a fifth in the development on 37 acres of land commonly referred to as the old Irish Glass Bottle site.
The development – which will include 3,500 homes and a million square feet of commercial space – will be among the biggest construction projects undertaken here.
The site is within the Poolbeg West Strategic Development Zone (SDZ) which enables it to benefit from fast-tracking through the planning process.
The successful bidder will acquire an 80% stake in Pembroke Ventures DAC, the company set up to develop the site.
NAMA says it will only accept cash bids that are unconditional and non-contingent on third party debt funding.
The deadline for the first phase of bid submissions is Thursday, October 10th.
The agency expects to announce the preferred bidder in March 2020.
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