Hibernia REIT is forming a joint venture with Starwood Capital to take on the Windmill Lane site in Dublin’s South Docks.
Hibernia bought the site from Starwood in June 2014 for €7.5m (£5.5m), with Starwood given an option to buy back in as a 50:50 joint venture partner, paying €5m.
The Windmill Lane Partnership will develop the one-acre plot, which has permission for 120,000 sq ft of offices, 7,000 sq ft of shops and 15 flats.
Future income and expenditure will be shared equally between the partners.
WK Nowlan REIT Management will act as asset manager and development manager.
Hibernia aims to complete development by the end of 2017.
