Hibernia Reit secures €46.7m facility for Windmill Lane site

Site of the famous recording studio is to be redeveloped into 120,000 sq ft of office space

The computer-generated image of the IWML building shows the bright and expansive reception area

The computer-generated image of the IWML building shows the bright and expansive reception area

 

Listed property firm Hibernia Reit and US investor Starwood Capital have arranged a €46.7 million debt facility with Deutsche Bank to fund the development of the Windmill Lane site in Dublin’s south docks.

Hibernia jointly acquired the one-acre site in a 50/50 joint venture with an affiliate of Starwood’s.

The site, which once housed a recording studio used by U2, the Rolling Stones and Van Morrison, has planning permission for 120,000 sq ft of office space, 15 residential units and 7,000 sq ft of retail space.

In a statement, Hibernia said the loan facility, which has a term of three years and an option to extend for a further year, would used to fund the development of the one-acre site, which is due to complete in late 2017.

“We are pleased to have agreed this facility with Deutsche Bank, which gives the Windmill Lane Partnership flexible development funding to deliver best in class office space in the centre of Dublin at a time of significant shortage,” Tom Edwards-Moss, Hibernian chief financial officer said.