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

Sunday Independent (Ireland) - Business & Appointments - - FRONT PAGE - 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.

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

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