U2 Tower Update

The Dublin Docklands Development Authority has decided to continue the suspension of negotiations for the development of the U2 Tower with the provisional preferred bidder, Geranger Limited, for a further period of up to 12 months.

Negotiations were initially suspended in October 2008 in light of the uncertainty in the property and financial markets. Given the continuing uncertainty in the market, the Authority believes that the optimum course of action is to extend the period of suspension for a further, limited period.

The Docklands Authority continues to have full confidence in the landmark project for an inspirational U2 Tower building which is an important element in the Master Plan for the area.

The Docklands Authority has and will continue to review all of its options on an on-going basis.

Since its inception in 1997, the Authority has overseen the development of a world class 520-acre economic hub in the Dublin Docklands and which is currently employing 40,000 people. The Authority looks forward to developing a positive future for all those organisations and people, who live and work in, and visit, the Docklands.

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