Hibernia REIT Plc bought out the interest of Starwood Capital Group in their 50/50 joint venture, Windmill Lane Partnership, for €27.5 million.
In August 2015, the duo formed the vehicle to hold and develop 1 Windmill Lane, a one-acre site in Dublin's South Docks in Ireland. The project will feature 122,000 square feet of offices, 7,000 square feet of retail space and 14 residential units upon its scheduled completion in late 2017.
By gaining full ownership of the vehicle, Hibernia also assumed Starwood's 50% share of the €44.2 million nonrecourse debt facility with Deutsche Bank AG, which will be used to fund the estimated remaining capital expenditure of €28 million.
With this latest interest acquisition, Hibernia now fully owns five adjacent properties in the SOBO district of the city's South Docks, consisting of more than 370,000 square feet of office space that is either completed or underway.