Funding has been allocated for the €125m City Quay Development in Dublin's Docklands.

City Development Fund, a sub-fund of Targeted Investment Opportunities ICAV (TIO), has confirmed that Irish Life will pre-fund the €125m development of 13-18 City Quay.

Upon completion of the development, full ownership will be transferred to Irish Life. The acquisition follows Irish Life's recent purchase of Velasco on Grand Canal Street, another modern office building due for completion in the early part of 2017.

-- Advertisement --

The 118,000 square foot office building has been pre-let to Grant Thornton.

The project is part of The Reveal Developments which aims to highlight Dublin's creativity, confidence, intelligence and connections to global business.

The City Development Fund is active in the development of a number of major commercial and residential developments in Dublin's docklands.

Justin Bickle, Chairman of TIO and Managing Director of Oaktree commented: "We are delighted to get the City Quay project off the ground and look forward to seeing it through to completion. The pre-let to Grant Thornton and pre-funding agreement with Irish Life is further evidence of the strong fundamentals in the Dublin office market. We have invested significant capital in Irish real estate in the past 5 years and continue to believe in Ireland's economic growth prospects and job creation opportunities."

(CD)