Oaktree wins approval for €450m development in Dublin’s docklands

Project with Nama and Bennett will deliver 42,500 sq m of offices

Oaktree Capital has secured planning approval to develop offices and apartments in Dublin's docklands. South Docks Fund will build 42,500 square metres (457,500 square feet) of workspace and 158 apartments on a plot close to Facebook's European headquarters.

Oaktree, the world's largest distressed-debt investor, is joined by Nama and construction firm Bennett Group in the €450 million venture.

In the first quarter, new leases for office space in Dublin reached the highest level since the same period in 2008 as demand from technology firms surged, according to broker CBRE.

A separate fund set up by the Oaktree venture is developing Airbnb’s new European headquarters on an adjacent Dublin site on Hanover Quay.