Hibernia Reit acquires site formerly occupied by Windmill Lane Studios

The musical landmark is being transformed into a residential and retail development...

Hibernia Reit acquires site formerly occupied by Windmill Lane Studios

Niall Carson / PA Archive

The publicly-quoted commercial property firm, Hibernia Reit has acquired full ownership of the key development site on Dublin’s south docks, formerly occupied by the Windmill Lane studios, one of the city's most iconic studios where U2 made a number of their records.

Hibernia has paid €27.5m to the US investment group, Starwood Capital to acquire Starwood’s 50% share in the Windmill Lane Partnership formed by both firms last year to develop the site.

Starwood originally purchased the full site at a much lower price from NAMA.

1 Windmill Lane

The deal will also see Hibernia assume Starwood’s 50% stake of the €44m debt facility linked to this and an adjoining development.

Close to 130,000 sq feet of commercial, retail and residential development is currently underway at the Windmill Lane site.

This deal will give Hibernia Reit full ownership of five adjacent development properties in Dublin’s south docks.