New partnership in Northside Shopping Centre
Patron Capital Partners has formed a new retail and residential partnership with Brian O’Callaghan, the son of well-known Cork developer Owen O’Callaghan. Patron has already begun working on its first joint project with Mr O’Callaghan to operate and expand the Northside Shopping Centre on the northern fringe of the M50 in Coolock, Co Dublin.
Eircom plans transfer to Jersey
Eircom has announced plans to transfer the assets and liabilities of its main operating company to a new entity incorporated in Jersey. Last April, Eircom announced it was undertaking a formal review, advised by Goldman Sachs, Rothschild and Morgan Stanley, of its future “strategic options”, including a possible flotation that could value it at between €2.5 – €3 billion.
Microsoft to build Mega HQ in Leopardstown subject to levy
Us computer giant Microsoft has been granted permission to build new headquarters in Leopardstown in Dublin to accommodate up to 2,000 staff, subject to €8m council levy.
Shelbourne Hotel acquired by US property investment group
The Shelbourne Hotel has been acquired by US property investment group Kennedy Wilson, which is planning to invest millions of euro into the business to build on its status as the top five-star hotel in Dublin. This will include a facelift for the hotel’s facade, which is considered a “priority project”. Plans are also being developed to add a hair and beauty salon to its existing spa facilities, and to refurbish its 19 suites and public areas.
€6m for Grade A North Park offices in Dublin 11
Agents Katie Williams and Rod Nowlan of Bannon are guiding €6.2 million for an office investment at the entrance to the North Park on the North Road in Dublin 11 which will show a return of 8 per cent with an opportunity to better that figure on letting vacant space and completing rent reviews.
Värde Partners wins NAMA’s Acorn portfolio for over €170m
Värde Partners outbid a joint venture of Burlington Real Estate, the reborn management team from Treasury Holdings, and US hedge fund Davidson Kempner to acquire the Acorn portfolio from NAMA for more than €170m, 30% above the initial asking price.
