U2 Tower Statement

U2 Tower Statement

Dublin Docklands Development Authority

Over the past year, the Dublin Docklands Development Authority and Geranger Ltd (*) have been in ongoing discussions regarding the advancement of the U2 Tower as a major project for Dublin Docklands and significant progress has been made. However, the Docklands Authority have now decided to suspend negotiations regarding the development for up to twelve months to allow for an improvement in the current uncertainty surrounding the property and financial markets.

Geranger was selected as the provisional preferred bidder to design, construct and finance the U2 Tower and Britain Quay Building late last year. However, intervening market events have understandably made progress more difficult.

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

The objective is to see this landmark project completed. However, given the current unfavourable economic environment, more time is needed at this juncture. The Docklands Authority will review all of its options on an on-going basis.

The Authority is confident that these economic uncertainties are short to medium term and that the Docklands will continue to be a vibrant and positive regeneration project for the city of Dublin.

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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