Case Study
The Grafton Porterhouse Collection
Acquisition
Address
Hambleden House
19-26 Pembroke Street Lower
Dublin 2
D02 WV96
Ireland
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Phone: +353 (1) 6477900
Fax: +353 (1) 6477901
Email: info@bannon.ie
The Task
Bannon acted as acquisition agents in acquiring the Grafton Port Collection on behalf of joint clients including the tenant of part of the asset (the Porterhouse Group) and a private syndicate of investors. The subject property comprised two high profile Grafton Street Properties along with an adjoining leased Public House (Tapped) with upper floor night club (Lost Lane).
The Skills
The opportunity was essentially being sold at a singular redevelopment opportunity. Bannon saw that the value was within the component parts as opposed to the entire. The key angle was to bring together a special interest in the site (the Pub tenant) and outside investors. Throughout this process, the Bannon teams main focus was maximising our joint clients value proposition. Due to the number of parties involves in this case, effective and consistent communication was paramount throughout for a smooth outcome. The Bannon group successfully carried out a solution that benefited all parties.
The Result
After successfully negotiating a deal between our two clients, the collection was acquired in Q4 2023 at a price of €13.5 m. The acquisition proved to be a great success satisfying both our joint clients and the vendor Aviva.