Lioncor are delighted to announce that Pembroke Beach DAC, the joint venture behind Dublin’s transformative Glass Bottle site, has reached a major milestone in its development journey with the completion of a new financing facility with Deutsche Bank to replace the existing construction financing consortium. This strategic refinancing of €415 million underscores the attractiveness of the Dublin residential market from an investment perspective, given its significant undersupply and the positive momentum inspired by recent market regulatory reforms. Funds managed by Oaktree Capital Management, L.P. along with joint venture partners Lioncor and Ronan Group are continuing with their plan to deliver c. 4,000 residential units in the centre of Dublin.
The new financing package, arranged and underwritten by Deutsche Bank, provides Pembroke Beach DAC with a robust capital structure to support the next phase of the Glass Bottle project as it delivers much needed new supply to the Dublin market. The facility provides stabilised financing for the residential phases now being completed and leased and facilitates progression to the next phases of the residential development program.
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