Hibernia announces that it has acquired the interest of Starwood, held by a controlled affiliate, in their 50:50 joint arrangement, the Windmill Lane Partnership (WLP).
WLP was formed in 2015 to hold and develop 1 Windmill Lane (1WML), a one acre site in Dublin’s South Docks where 11,334m² of offices, 650m² of retail and 14 residential units are under construction, scheduled for completion in late 2017.
Hibernia has paid Starwood €27.5m and has assumed Starwood’s 50% share of the €44.2m non-recourse debt facility with Deutsche Bank, London Branch, which is currently €8.8m drawn and will be used to fund the estimated remaining capital expenditure of €28m.
The acquisition means Hibernia now has full ownership of five adjacent properties in the SOBO District of Dublin’s South Docks, comprising over 34,374m² of office space either in-place or under construction.
