Friday 30 September 2016

Hibernia REIT arranges new €46.7m debt facility with Deutsche Bank to develop iconic Windmill Lane site

Published 29/12/2015 | 16:49

A man walks past graffiti daubed on the wall of the Windmill Lane Studios, belonging to the band U2, in central Dublin. Photo: Niall Carson/PA Wire...A
A man walks past graffiti daubed on the wall of the Windmill Lane Studios, belonging to the band U2, in central Dublin. Photo: Niall Carson/PA Wire...A

Irish property investment company Hibernia REIT has arranged a new €46.7m debt facility with Deutsche Bank to develop the iconic Windmill Lane site - once home to a recording studio used by the likes of U2.

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The company has formed a joint venture with an affiliate of American investment firm Starwood Capital to develop the project.

The company aims to develop over 120,000 sq. ft. of offices, around 7,000 sq. ft. of retail, and 15 residential units at the site, which is due to be completed in late 2017.

In May Hibernia REIT, which only began trading before Christmas, agreed terms to buy the one-acre site on Windmill Lane for €7.5m and the loans held against an adjacent office block for an additional €20.16m.

The site held U2’s studios at Windmill Lane but they were taken over by the Dublin Docklands Development Authority a decade ago.

As part of that deal, U2 was to get a studio in the planned ‘U2 Tower’ on Britain Quay. That has yet to be built, however.

The Windmill Lane studio has now been demolished, but the company has  retained a 20 metre stretch of the graffiti wall on the front of the studio and is working with two museums who are interested in using the wall in their displays.

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