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December 14, 2007

OPW joint ventures to develop State sites for €125m

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The Office of Public Works (OPW) has entered into joint ventures with the private sector for the development of three State-owned sites in Dublin city centre which it said could generate up to €125 million for the exchequer. Under the deals the State will receive a percentage of the rental income from the redeveloped sites. OPW chairman Seán Benton said the largest site was Hawkins House, the current headquarters of the Department of Health, while the others were at Hatch Street and O’Connell Street. He said the estimated €125 million in income from the joint ventures would be in addition to about €400 million raised from the sale of assets in recent years. The money is likely to be used to offset the €900 million bill for the provision of new State offices around the country under the decentralisation programme.

The Irish Times

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