Hibernia REIT has arranged a new €46.7m debt facility with Deutsche Bank to develop the iconic Windmill Lane site.

In a statement, Hibernia said the loan facility, which has a term of three years and an option to extend for a further year, would used to fund the development of the one-acre site, which is due to complete in late 2017.

“We are pleased to have agreed this facility with Deutsche Bank, which gives the Windmill Lane Partnership flexible development funding to deliver best in class office space in the centre of Dublin at a time of significant shortage,” Tom Edwards-Moss, Hibernian chief financial officer said.