Treasury Holdings secures funding

Treasury Holdings has arranged a new €90 million bank funding package for its Spencer Dock development in Dublin's docklands.

The company will use the money to pay for the second phase of Spencer Dock, bringing overall financing for the project to more than €400 million.

Treasury secured the new loan from a consortium led by Anglo Irish Bank and including AIB and IIB. Anglo is providing 50 per cent of the funding, with AIB and IIB each advancing 25 per cent.

The same three banks were involved in the first round of funding for the project, which Treasury expects to have a capital value of €3 billion when completed.

The new €90 million injection will be invested in the construction of two additional office blocks and some additional apartment units. Penthouses that have been held back from the market so far will also be upgraded.

Spencer Dock is scheduled for completion in 2010, by which time the 52-acre site should be home to 6,000 residents and should provide a workplace for up to 25,000 people.

It will have more than three million square feet of office space for PricewaterhouseCoopers and Belgian/Dutch bank, Fortis.

Guy Leech, Treasury's group finance director, said the new funding represented "a huge vote of confidence for Spencer Dock".

The new phase does not include plans for €400 million National Conference Centre, which is still at the tender stage. A consortium headed by Treasury and Irish Rail is the preferred bidder for the project.