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NAMA seeking €125m for 80% stake in docklands development

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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