Treasury Holdings’ managed Real Estate Opportunities has joined forces with Hutchison Port Holdings to create a E300m (£226.7m) port development to the north of Dublin.

Castlemarket Holdings, a wholly owned subsidiary of Real Estate Opportunities, with Drogheda Port Company has signed a ‘memorandum of understanding’ with HPH to create a deepwater port at Bremore in north County Dublin.

The agreement allows the scheme to enter its next phase in the creation of the deepest port on the east coast of Ireland.

Planning application to be submitted

The jv plans to submit a full planning application in the next 12 months.

The development of Bremore is a strategic response to the deficit in port capacity at Drogheda Port and across the east coast of Ireland.

The deep water port will service ships to the United Kingdom, Europe, Scandinavia and the Baltic States.

Paul Fleming, CEO of Drogheda Port Company, said: ‘HPH’s port planning and operational experience will be a major asset to the development of Bremore Ireland Port.