Holmes were delighted to support Limerick Twenty Thirty (LTT) in the formation of a joint venture partnership with Ireland Strategic Investment Fund (ISIF), part of the National Treasury Management Agency (NTMA) to finance the development of the One Opera Square project in Limerick city centre.
The LTT & ISIF joint venture of €80m is the largest direct commitment by ISIF to date under its €500m investment programme for five regional cities – Cork, Galway, Kilkenny, Limerick and Waterford – announced last summer. The programme is a cornerstone of ISIF’s new investment strategy that will result in major investment being targeted to each city in the form of new places to work, places to live and enabling investments resulting in the regeneration of regional city centres.
The Joint Venture Partnership was announced on Monday, 13 February 2023 at the first flagship project developed by LTT, the multi-award-winning Gardens International in the heart of Limerick.
One Opera Square will be developed over six flexible-use floors located at the corner of Michael Street and Ellen Street, Limerick. It provides for circa 10,000 sqm of Grade A office space and can accommodate several tenancies per floor and up to 1,000 employees in the building. The development will also offer restaurant and retail units at ground level with an external seating area in the public square, external landscaped roof terraces and world-class cycle facilities for employees.
One Opera Square will be developed to the highest international sustainability standards by achieving LEED Platinum accreditation as well as achieving a ‘Nearly Zero Energy Building’ (nZEB) rating and WiredScore. LEED certified buildings have the highest energy efficiency, lower carbon emissions and create healthier places for people to work and live. They are a critical part of addressing climate change and meeting ESG goals, enhancing resilience and supporting more equitable communities.
Works on the project have commenced and will be completed in January 2025.
Holmes Team
Sandra Egan, Partner, Lisa Killeen, Partner and Caroline Connolly, Of Counsel led the Holmes team, delivering multi-disciplinary services to LTT with lawyers advising from our Commercial Real Estate, Banking and Finance, Corporate and Construction teams throughout the project.
About Opera Square
The 3.7acre Opera Square project will be a landmark commercial development in a regional and national context and one that will reflect Limerick’s status as a leading city in sustainability and innovation. The 1.62 hectare project is funded, thanks in the main through lending from the European Investment Bank, the Council of Europe Development Bank and now ISIF. A transformational project for Limerick, the fully developed site will be capable of employing up to 3,000 people across 450,000 sq ft campus accommodation. Sustainability will be at the heart of Opera Square’s design and build, with the project developed to international best practice ‘Leadership in Energy and Environmental Design (LEED) Platinum’ and ‘nZEB’ standards. A day-time employment hub, it will transform into a bustling night-time destination complete with restaurants, bars and open entertainment spaces. The design will also be entirely complementary to and protect existing important Georgian architecture. The project will deliver significant employment opportunities and act as a catalyst for other major city centre investment.
We are delighted to have advised LTT on this landmark project. We look forward to providing continued support to LTT in delivering such significant projects.
Sandra Egan, Partner
We are very pleased to have been able to support LTT on this significant milestone project, which is a transformational project for Limerick and the wider region. It is a great achievement for LTT and we wish it and its joint venture partner every success in achieving the delivery of One Opera Square at the wider Opera Square development.
Lisa Killeen, Partner
Sandra Egan has proven experience in the negotiation of lease agreements and real estate asset transactions. One client praises Egan's practical approach, while another states: "She is hugely efficient and makes complicated projects look easy.
Sandra Egan
Real Estate | Chambers Europe 2021
Lisa Killeen is learned and astute – she understands the brief, especially complex matters, she takes a strong and capable stand, and she represents the client thoroughly. Clients find her extremely professional. Her communication skills are excellent and she continuously ...
Lisa Killeen
Banking and Finance | Legal 500 EMEA 2020
Holmes O’Malley Sexton provides services across Ireland, with offices in Dublin, Limerick and, as of June 2019, Cork, and also has an office in London. The team is particularly active in property finance, advising on a number of high-profile development finance matters, an...
Lisa Killeen
Banking and Finance | Legal 500 EMEA 2020
The firm's Limerick practice is headed by Sandra Egan. The Limerick office has strong connections to the local region with clients including the University of Limerick and Limerick 2030 Strategic Development DAC; the team advised the latter on the Hanging Gardens office deve...
Sandra Egan
Real Estate | Legal 500 EMEA 2020
'Articulate and intelligent' team has a national presence, with offices in Dublin, Cork and Limerick. It is highly experienced in property and construction finance, as well as M&A finance and refinancings. Limerick-based Lisa Killeen leads the practice.
Lisa Killeen
Banking and Finance | Legal 500 EMEA 2021
‘Lisa Killeen is top class – professional, diligent and leaves no stone unturned.’
Lisa Killeen
Banking and Finance | Legal 500 EMEA 2020
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