Drogheda Port Company have confirmed that Castle Market Holdings Limited (“Castle Market”), a subsidiary of Real Estate Opportunities Limited (“REO”), is their selected JV partner in the development of Ireland’s new deep-water Port at Bremore following an open tender process.. The parties have signed an Agreement which will allow the Bremore port development to proceed. The first step, the appointment of consultants to prepare the Port Master Plan, is already well underway. REO’s business in Ireland is managed by Treasury Holdings.
Bremore Ireland Port, located between Dublin and Drogheda, is one of the most exciting infrastructure projects to be undertaken in Ireland in decades. Drogheda Port Company began the development in 2002 as a strategic response to the impending future deficit in port capacity not only at Drogheda Port but also on the East Coast of Ireland. Current estimates of its total development costs are in the order of €300 million.
In recent years Ireland has experienced record levels of economic growth, which has resulted in increased freight volumes passing through the country’s East Coast ports. This rapid growth has caused congestion and highlighted the need for substantial additional capacity.
Mr Patrick Traynor, Chairman of Drogheda Port Company said, “The development of Bremore Ireland Port is hugely significant: it will free a potential bottleneck in the continuing growth of freight traffic to and from Ireland. The board of Drogheda Port is delighted with the outcome of the joint venture partner process and believes that this is a significant first step towards the development of an outstanding facility.”
Mr Paul Fleming, CEO, added “As a team we are very focused and fully committed to delivering a world class port of infrastructure at Bremore – in Castle Market we are matched by a partner bringing equal energy and considerable experience and resources to the Project.”
John Bruder, managing director of Treasury Holdings’ Irish business, commented: “Bremore has enormous development potential and we are delighted to bring Treasury Holdings’ extensive experience of complex, large scale projects to bear on what, in our view, is one of the most exciting real estate developments available in Ireland today.”
For further information:
Enquiries to:
Drogheda Port Company Paul Fleming, CEO Tel: +353 41 983 8378
Real Estate Opportunities Limited Landsbanki Securities (UK) Limited Ray Horney, Chairman Paul Fincham/Jonathan Becher/Rob Naylor Tel: +44 (0)1273 775225 Tel: +44 (0)20 7426 7736
London: Bankside Consultants Ireland: Murray Consultants Simon Rothschild/ Oliver Winters Ed Micheau Tel: +44 (0)20 7367 8888 Tel: +353-1-498 0300
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