Wednesday 16 October 2019

AIB provides €60m in funding for Dublin Landings apartments

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Ronald Quinlan

Ronald Quinlan

AIB has committed €60m in working capital towards the construction of 298 apartments at Dublin Landings, the million square foot mixed-use scheme developer Sean Mulryan's Ballymore is delivering in partnership with Oxley in the Dublin Docklands.

While the apartments in Blocks B and E are expected to be completed by the third quarter of 2020, the sale of 268 of the units has already been agreed with US property giant, Greystar, for a figure of €175.5m.

The deal was first reported by the Irish Independent on January 24.

In 2017, AIB's Real Estate Finance team provided another working capital facility of €60m for the development of Block D at Dublin Landings. Comprising 22,204 sq m (239,000 sq ft) of office space, this building has been fully sold with repayment of the loan facility in 2018.

In a statement, AIB's Real Estate Finance team consisting of Derek O'Shea, Brian Motherway, Colley Casey, Cathal Ennis, Shane Crehan and Lorcan Lawler said they had "worked very closely with Ballymore and Oxley to close both deals which has resulted in the development being ahead of schedule in terms of completion".

All told, the 'Dublin Landings' waterfront regeneration project is set to extend to 100,000 sq m (1,076,391 sq ft) of office, residential and retail/leisure accommodation, of which 22,019 sq m (237,000 sq ft) will be residential accommodation.

The scheme occupies a pivotal position within the Dublin Docklands, immediately adjacent to the Central Bank's headquarters on North Wall Quay.

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