3 Left In The Running For €1B Guinness Redevelopment
Diageo has reduced its shortlist of potential partners to redevelop 12.6 acres of land at its St James’s Gate site in Dublin 8 to three, and their final proposals for the €1B scheme are due to be submitted this month.
The final companies in contention to create what Diageo wants to become “one of the most dynamic urban quarters in Ireland and Europe” are U.S. real estate giant Hines, local developer Ballymore, backed by Oxley, and U.K.-listed U+I, according to the Irish Times.
The initial shortlist drawn up by Diageo and its advisor Deloitte also included Lone Star-backed Quintain and Irish developer Harcourt, backed by U.S. opportunity fund manager Apollo Global Management.
The area for redevelopment is around the Guinness Storehouse and the proposed site could potentially accommodate 680K SF of office space, 54K SF of retail and 237K SF of hotel and leisure, as well as 500 new homes, according to a feasibility study submitted to Dublin City Council.
Diageo’s plan for the site envisages a mix of new buildings and existing vat houses, brew houses and cooperages. The drinks maker also wants to see the area opened up with public spaces and streets that will be fully integrated into the wider Liberties area.
When it launched its search for a partner in October 2017, Diageo said it expected the selection process to take 12 to 18 months. During the summer, it confirmed that this timeline is still on track.
