The housing project is expected to reach a valuation of several billion euros upon completion. Credit: Grand Warszawski/Shutterstock. The housing project is expected to reach a valuation of several billion euros upon completion. Credit: Grand Warszawski/Shutterstock.

Global investment company Oaktree Capital Management is reportedly in the process of seeking an equity partner for a home development project in Dublin, Ireland. 

The project is expected to reach a valuation of several billion euros upon completion, Bloomberg reported.  

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Citing sources familiar with the matter, the report highlighted that the company has not initiated any formal process, however, investor interest has been noted, although the details remain confidential. 

The development will see the construction of approximately 3,800 homes on Dublin’s Glass Bottle site, which is situated near the mouth of the Liffey River, just east of the city centre.  

The 15ha coastal plot is also set to include a substantial amount of office and life science space, comparable to a skyscraper in scale.  

The search for a development partner comes at a time when many European developers are facing increased financial pressures due to rising borrowing and construction costs.  

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This has led to a greater need for additional equity to advance property developments.  

In Ireland, lobbyists for homebuilders have highlighted that an annual rental increase cap of 2% is further complicating project financing, the report said.   

According to government data cited by Bloomberg, almost 33,000 new dwellings were completed in 2023, which is more than double the figure from 2017.  

However, with the economy experiencing strong growth in recent years, the demand for housing far exceeds the supply.  

A government housing commission has identified a shortfall of at least 212,500 residential properties as of two years ago.