The parties have invested in a new Qualifying Investor Fund (QIF) that was authorised by the Central Bank of Ireland on 2 July 2013. The South Docks Fund is a sub-fund of Targeted Investment Opportunities plc, an umbrella fund with segregated limited liability between sub-funds of which Oaktree is the investment manager and Bennett Property Limited is the property manager. NAMA will be a minority shareholder in the sub-fund. The South Docks Fund has acquired a number of development land sites in Dublin’s South Docks and plans to develop them over time.
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Justin Bickle, Managing Director of Oaktree commented: "We are delighted to partner with NAMA and Bennett Group to invest in the heart of Dublin’s South Docks and to provide the capital necessary to facilitate the creation of world class office and mixed use facilities with our investment and construction partners. Ireland's business-friendly environment, track record for innovation, and talented workforce continue to attract high calibre companies from around the world. We and Bennett Group look forward to working with NAMA to play our part in the economic resurgence of the South Docks in the coming years."
(CD/MH)
