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Nama said on Tuesday that developer Johnny Ronan and US investment firm Oaktree have signed up to buy an 80 per cent stake in the former Irish Glass Bottle site and an adjoining plot in Dublin.
Sources said the winning bid for the controlling interest came to a higher-than-expected â¬200 million, which put an overall value on the 37-acre site, held through a company called Pembroke Ventures, at â¬250 million. Completion of the deal is subject to approval from competition authorities.
Long a symbol of Celtic Tiger hubris, the largest vacant plot in the capital is expected to deliver up to 3,800 homes, 25 per cent of which are earmarked for social and affordable housing, as well as 1 million sq ft (92,903 sq m) of commercial space. There are also plans for a school and public open spaces.