A dispute in which the owner of the Citywest business campus in west Dublin sought to reacquire Industrial Development Agency (IDA) lands for some €8.3 million for the development of a digital park at the campus has been settled.
The settlement was announced this week to Mr Justice Peter Kelly at the Commercial Court. No details were outlined.
Citywest Ltd, owner of the west Dublin campus, claimed that a key requirement of a Joint Venture Agreement (JVA) reached in 1999 between it and the IDA for development of the digital park was that the Luas light rail service be extended through the park.
The IDA's failure to agree on how that should be done and failure to cede the lands necessary for that meant that Citywest was entitled to terminate the JVA and to reacquire IDA lands there for a price of some €8.3 million, it claimed. When the proceedings were admitted to the Commercial Court list last month, Paul Anthony McDermott BL, for the IDA, said his client believed the dispute should be referred to arbitration.
The IDA contended Citywest Ltd was not entitled to terminate the JVA.
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