Dundrum developer teams up with Middle East investment group in bid to buy Dublin hotels
The man behind Dundrum Town Centre has teamed up with a Middle East investment group in a bid to buy the former Jurys and Berkeley Court Hotels in Dublin.
Joe O’Reilly’s Chartered Land is believed to have been named preferred bidder for the seven acre site for the two hotels, which sits on some of the most valuable land in the country.
The Abu Dhabi Investment Authority (ADIA) is understood to be backing Chartered Land in a €155m bid for the property. Even at €155m, the sale price would be a fraction of the €380m paid by bust developer Sean Dunne for the property in 2005.
Mr Dunne had hoped to build a 38 storey tower on the site when he bought the block but his plans never got off the ground. Ulster Bank ultimately took over the site and is the seller now.
The sale process is yet to be completed, but according to Bloomberg, Mr O’Reilly’s bid is expected to be successful.
Mr O’Reilly and his businesses is one of Nama’s biggest debtors. However as this deal is being fully funded by ADIA, and the property is not related to Nama, it is unlikely the state bad bank would object to the deal.
Under the plan, ADIA will finance the purchase, and Chartered Land will manage the site.