Pembroke Beach DAC, the joint venture behind Dublin’s Glass Bottle scheme, has secured a new €415m financing facility with Deutsche Bank.
The new funding package replaces the existing construction financing consortium and provides stabilised financing for the residential phases now being completed and leased, and facilitates progression to the next phases of the residential development programme.
The Glass Bottle development is being delivered by funds managed by Oaktree Capital Management along with joint venture partners Lioncor and Ronan Group Real Estate.
Marcus Ryan, CEO of Lioncor, said: “Glass Bottle stands as one of the most ambitious and impressive development projects ever undertaken in Dublin, and we are incredibly proud of the success the team has achieved to date. The addition of Deutsche Bank as a new financing partner alongside Oaktree and Ronan Group bolsters our long term growth strategy as joint developers and represents a positive endorsement of both the strength of market opportunity for new capital projects in Dublin and our team’s proven ability to deliver at scale.”
