Ireland’s new deep-water Port at Bremore to proceed Bremore Ireland Port to proceed
Sonja Price & Paddy Teahon : Castle Market Holdings Patrick Traynor; Paul Fleming:Drogheda Port Company
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 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 +353 41 983 8378
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