A&L Goodbody Acts in the Establishment of a Property Fund to Develop Dublin's South Docks
August, 2013 - Dublin, Ireland
It was announced today that parties affiliated with Los Angeles-headquartered alternative investment manager, Oaktree Capital Management, L.P. (“Oaktree”), Irish based property and construction group Bennett (“Bennett Group”) and NAMA will combine their respective ownership of land with a development potential of up to 50,000 sq. metres in Dublin’s South Docks.
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.
A&L Goodbody advised on the establishment of the South Docks Fund, advised on the acquisition of certain strategic property assets for the Fund, acted for Oaktree on their investment into the fund and for Bennett Property Limited as property manager to the Fund.
