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Preferred Partner Selected for Ireland’s New Port
01 Feb 2007
Drogheda Port Company has selected a consortium as preferred bidder following an open competitive process to secure a joint venture partner to co-develop Ireland’s new deepwater port at Bremore Co Fingal.
The successful consortium is led by Castle Market Holdings Limited, a subsidiary of Real Estate Opportunities Limited (REO) and includes an established port operator. Drogheda Port Company and the consortium will now finalise the commercial arrangements that will form the joint venture.
Bremore Ireland Port will be an important infrastructural project for Europe’s fastest growing economy. Freight volumes at the country’s east coast ports have grown by 6.5% per annum over the last 15 years. The rapid growth has resulted in congestion and created a need for substantial additional capacity over the coming decade.
At an estimated cost of €210m, the development of Bremore Ireland Port was started in 2002 by Drogheda Port Company as a strategic response to the impending future deficit in port capacity not only at Drogheda Port but on the east cost of Ireland as a whole.
Droheda Port Company chairman Patrick Traynor said, ‘The board of Drogheda Port is very pleased with the outcome of the joint venture partner process and believe that the development of Bremore Ireland Port is hugely significant to the continued growth of the Irish port sector.’
MJ Information No: 22711
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