A unit of Real Estate Opportunities will build a new €300m deep-water port in Ireland with joint venture partner the Drogheda Port Company, the groups said today.
They said in a statement the appointment of consultants to prepare a port master plan was already well under way.
The project, Bremore Ireland Port, is between Dublin and the town of Drogheda in Co Louth.
'Current estimates of its total development costs are in the order of €300m,' the joint statement said.
The statement said the Drogheda Port Company began the development in 2002 as a response to an expected lack of capacity on Ireland's east coast.
'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,' said Drogheda Port Company Chairman Patrick Traynor.
Castle Market Holdings Ltd, a wholly-owned subsidiary of Real Estate Opportunities (REO), was selected as Drogheda Port Company's joint venture partner after an open tender process.
Property firm Treasury Holdings Group holds a majority stake in REO, which is domiciled in Jersey, in the Channel Islands.
