A company backed by Irish group Treasury Holdings has been selected to carry out the development of Ireland’s new €300m (£ 210m) deep-water port at Bremore in Drogheda, Ireland.

Drogheda Port Company has selected Castle Market Holdings, a wholly owned subsidiary of Real Estate Opportunities (REO), to carry out the development on Ireland’s east coast following an open tender process. REO’s business in Ireland is managed by Treasury Holdings.

Bremore Ireland Port will be one of the biggest infrastructure projects to be undertaken in Ireland in decades.

Drogheda Port Company began the development in 2002 as a strategic response to the impending deficit in port capacity at Drogheda Port and along the east coast.

Record growth

More than 10 years of record levels of economic growth in Ireland has meant increased freight volumes passing through the ports.

Patrick Traynor, chairman at Drogheda Port Company, said: ‘The development of Bremore Ireland Port is hugely significant: it will free a potential bottleneck in the continuing growth of freight traffic to and from Ireland.’

The parties have signed an agreement which will allow the Bremore port development to proceed and have begun the next stage of appointing consultants to prepare the Port master plan.