Glenveagh Properties PLC, a leading Irish home builder, today announces that Germany-based Union Investment, one of Europe’s leading real estate investment managers, has acquired the planned 262-bedroom Premier Inn hotel in Glenveagh’s development at Castleforbes in the Dublin Docklands.
The Premier Inn hotel will form a key component of a wider mixed-use development, which also includes 1,256 apartments, 12,545 square metres of office space known as the Freight Building and a second 219-bedroom hotel on the junction of East Road.
Construction of the Premier Inn hotel will begin in July of this year and is scheduled to be ready for business in Autumn 2023.
The transaction has been structured via a forward funding arrangement that will result in Union Investment taking ownership of the hotel. The hotel will be operated by UK-headquartered hotel group Whitbread PLC under its Premier Inn brand, as was previously announced by Glenveagh.
The company will commence construction of the 12,545 square metre office element of the site shortly, with construction expected to complete in Quarter 4 2023.
Stephen Garvey, Glenveagh Chief Executive, said:
“We are delighted to partner with the hotel experts of Union Investment on this project. This marks the start of delivery of a significant development in the Docklands which will provide a sustainable mix of residential, hotel and office accommodation in this prime city centre location. The project forms part of a wider masterplan for our Dublin Docklands sites and is testament to our commitment to keeping sustainable development at the heart of everything we do.”
CBRE and A&L Goodbody advised Glenveagh on the transaction.