Colony NorthStar Inc. will develop a €1 billion mixed-use real estate project in Dublin in a joint venture with local developer Johnny Ronan, Bloomberg Markets reported.
The joint venture will develop four office buildings at Spencer Place, as well as a hotel, stores and homes, with the initial properties targeted for completion in 2020.
In an interview with Bloomberg Markets, Colony NorthStar Managing Director Stefan Jaeger said the decision to develop the project in the Irish capital comes as the company seeks to leverage the rising demand for office space in the country following the Brexit vote.
"Even if you have very minor Brexit moves of 500 or 1,000 people from individual banks, that has a huge impact in Dublin because there currently is a shortage of space," Jaeger said.
Citing a shortage of homes in Dublin, Jaeger said the venture can deliver housing in the project's second phase.