Real estate investment firm Starwood Capital has partnered with developer Chartered Land to invest €35 million in an office/residential project in Dublin.

Starwood purchased the 750,000 sq ft Elm Park campus on Merrion Road in Dublin 4 for €190m in January.

Plans are now in place to develop the site further with a sport and leisure centre, significant landscaping, and adding facilities to boost amenities throughout the campus.

It is understood Chartered Land will develop the eight-storey 174,000 sq ft Pioneer Building.

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Adam Shah, Senior Vice President of Starwood Capital, said: "We are making a major investment in Elm Park because we believe the asset has exceptional promise.

"Given its scope and scale, the quality of its existing assets and the prospects for significant enhancement through strategic development, we expect to create a world-class work-live environment at Elm Park.

"When repositioned over the next 12 months, Elm Park will feature modern, architecturally striking office buildings and apartments, complemented by a lush, landscaped campus with best-in-class amenities ideally located in South Dublin."

Andrew Gunne, Chief Executive of Chartered Land, added: "Given the attractive location adjacent to the Ballsbridge, Donnybrook, Belfield and Blackrock areas, our renovations should elevate Elm Park to compete favorably with the very best new developments for years to come."

(LM/MH)