Los Angeles-based investment manager, Oaktree Capital, Irish developers Bennett Group and NAMA will combine their land portfolios to develop up to 50,000 sq. metres in Dublin’s South Docks.
The parties have invested in a new Qualifying Investor Fund (QIF) authorised by the Central Bank earlier this month.
The South Docks Fund is a sub-fund of Targeted Investment Opportunities plc, an umbrella fund with segregated limited liability between sub-funds of which Oaktree is the investment manager and Bennett Property Limited is the property manager.
NAMA will be a minority shareholder in the sub-fund.
The South Docks Fund has acquired a number of development land sites in Dublin’s South Docks and plans to develop them over time.
Brendan McDonagh, CEO NAMA said that the Dublin Docklands continues to be of strategic importance in creating local jobs and encouraging overseas investors into Ireland.
“Our QIF shareholding alongside major international investment firm Oaktree, and Bennett Group, one of Ireland’s well known property and construction firms, is a welcome first step towards unlocking the significant potential of the South Docks for future development and provides further confirmation of an increase in international and domestic investor confidence in Ireland.” Source: Business World