A consortium consisting of developer Johnny Ronan's Ronan Group Real Estate as well as investment fund Oaktree Capital Management and its affiliate Lioncor Developments Ltd have won the contract to develop the former Glass Bottle site in Dublin 4.

The announcement, representing the next step in the development of the 37.2 acre Poolbeg West Strategic Development Zone, was made by the National Asset Management Agency (NAMA).

The new consortium will own 80% of Pembroke Ventures DAC, the company set up to develop the site, while NAMA will retain the remaining 20%.

Details of how much the consortium is paying have not been disclosed but it’s understood to be in the region of €200m.

"This announcement marks the culmination of five years of intensive asset management designed to achieve the best financial return from this key site while facilitating its future development," said Brendan McDonagh, NAMA chief executive.

"We look forward to working with our consortium partners to deliver the potential of this excellent site".

Up to 3,800 residential units and 1m sq ft of commercial space, as well as a school site and community and public open spaces are included in the plan.

25% of the housing will be social and affordable.

"This is a strategic development for Dublin in the truest sense of the term," said Rory Williams, chief executive of Ronan Group Real Estate (RGRE).

"Together with Oaktree, Lioncor and NAMA, we are proud to have been entrusted with the responsibility of realising the site's full potential."

"We look forward in particular to delivering thousands of new homes, including almost 900 social and affordable units."

NAMA said master planning and pre-development works are expected to commence right away, with construction expected to start by the middle of next year.

RGRE was announced as preferred bidder for the stake back in July, alongside Colony Capital, but it later switched partners to Oaktree.