Glass Bottle site secures new long-term financing
Pembroke Beach DAC, the joint-venture behind Dublin’s transformative Glass Bottle site, announces a major milestone in its development journey with the completion of a new financing facility with Deutsche Bank to replace the existing construction financing consortium.
This strategic refinancing of €415 million underscores the attractiveness of the Dublin residential market from an investment perspective, given its significant undersupply and the positive momentum inspired by recent market regulatory reforms. Funds managed by Oaktree Capital Management, L.P. (“Oaktree”), along with their joint venture partners Lioncor and Ronan Group Real Estate (“RGRE”), are continuing with their plan to deliver approximately 4,000 residential units in the centre of Dublin.
The new financing package, arranged and underwritten by Deutsche Bank, provides Pembroke Beach DAC with a robust capital structure to support the next phase of the Glass Bottle project as it delivers much needed new supply to the Dublin market. The facility provides stabilised financing for the residential phases now being completed and leased and facilitates progression to the next phases of the residential development programme.
This new investment kickstarts an exciting new stage of development following a series of topping out milestones across the first phase of residential development in 2024 and 2025. In November 2025, Glass Bottle’s first residential building, Lime House, consisting of 212 homes achieved practical completion and welcomed the very first tenants to the site in the same month. Construction on the remaining phases of the development is continuing at pace with the next 180 homes (Glass House) being delivered in Q1 of this year, with another two buildings (Sand House & Batch House) delivering a further 495 homes by Q3 2026.
Lioncor’s CEO, Marcus Ryan, comments: “Glass Bottle stands as one of the most ambitious and impressive development projects ever undertaken in Dublin, and we are incredibly proud of the success the team has achieved to date. The addition of Deutsche Bank as a new financing partner alongside Oaktree and Ronan Group bolsters our long-term growth strategy as joint developers and represents a positive endorsement of both the strength of market opportunity for new capital projects in Dublin and our team’s proven ability to deliver at scale.”
In total Glass Bottle will deliver almost 900 new homes in Dublin city across the first four residential buildings, each with its own best-in-class indoor and outdoor amenity spaces. Adding to this significant housing delivery for the city, the next residential phase of Glass Bottle will consist of an additional 586 homes with commencement set for the first half of 2026.
Glass Bottle, Dublin 4 is a transformative mixed-use development set to deliver approximately 4,000 new homes and over 1 million sq.ft. of commercial, technology, healthcare and hospitality space upon completion. The regeneration project will convert approximately 15 hectares of industrial land into an integrated and vibrant new community on the shores of Dublin Bay.
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