NAMA announces preferred bidder for Project Pembroke

The National Asset Management Agency (NAMA) has today named a consortium of Ronan Group Real Estate (RGRE) and Colony Capital (Colony) as the Preferred Bidder to acquire the 80% shareholding in Pembroke Ventures DAC. NAMA will retain a 20% shareholding in the Pembroke Ventures DAC entity.

Pembroke Ventures DAC owns a key site located within the designated Poolbeg West Strategic Development Zone (SDZ).  The lands extend to approximately 37.2 acres and are located at Pembroke, Dublin 4. The site has the potential to deliver up to 3,500 residential homes (including 10% Part V and 15% social and affordable homes) and approximately 1 million sq. ft. of commercial space, as well as a school site and community and public open spaces.

The consortium of RGRE and Colony was selected following a competitive tendering process that was launched on 26 July 2019 and which attracted interest from Ireland and overseas.

The selection of RGRE and Colony does not conclude this transaction but it does represent a significant step forward.  There is now a 30 day time period for the Preferred Bidder to complete.

NAMA Chief Executive Brendan McDonagh said:

Today’s announcement is an important milestone in our strategy for this key site. The competitive process adopted was designed to achieve best financial return in line with the requirements of the NAMA Act and facilitate delivery of much needed housing for the Dublin market in time”.

NAMA Chairman Aidan Williams said:

This transaction will facilitate the provision of new homes, schools, businesses and community facilities over time in a key location close to Dublin city centre. We look forward to successfully concluding this transaction and working with RGRE and Colony over the coming years to transform this brownfield site”.

Article Published: 29/07/2020