Tuesday 21 August 2018

Marlet seals €115m financing deal with Deutsche Bank for Dublin project

Artist’s impression of the mixed-use site in city
Artist’s impression of the mixed-use site in city
Gavin McLoughlin

Gavin McLoughlin

Marlet Property, the group run by developer Pat Crean, has secured a €115m facility from Deutsche Bank to fund a major development in Dublin's Silicon Docks.

Work has already started at the site at Cardiff Lane, where Marlet's large office, retail and residential development is expected to be completed by the end of 2019.

The site is opposite Facebook's Dublin headquarters, with Google and a variety of tech, financial and professional firms also located nearby.

The project will see 200,000 sq ft of office space delivered to market, making it one of the largest single office buildings in Dublin.

The development will also include 8,000 sq ft of retail space and 56 apartments. Estate agent CBRE has been engaged to let the commercial and retail elements.

Dublin-based Marlet, backed by M&G, an arm of the insurance giant Prudential, has assembled a large portfolio of sites across the capital.

Focused on commercial and residential property, high-profile sites it has acquired include the old Screen Cinema (as well as an adjacent office block) at College Green in Dublin city centre. Plans for a new entertainment venue at that site have been submitted.

It is also planning a 220-bed hotel and a 300-bed aparthotel for a site at Abbey Street, close to the Jervis Shopping Centre and the Luas red line. A number of retail units will also be included.

Residential projects the company is working on include a 420-home project on the site of CIE's former lands on Carnlough Road in Dublin's Cabra area. That project was recently granted planning by An Bord Pleanala via the fast-track scheme. Marlet also acquired a 16-acre site in Tallaght with potential for as many as 1,500 residential units.

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