Golf clubs Mount Juliet and Portmarnock sold for €45m in two separate deals
Published 05/06/2014 | 16:06
TWO of the country’s best known golf clubs have been snapped up by investors.
The luxurious Mount Juliet Resort was bought by Brehon Capital Partners and businessman Emmet O’Neill for an estimated €15m.
Portmarnock Hotel and Golf Links was bought by international real estate investment and services firm, Kennedy Wilson Europe Real Estate, for almost €30m.
The new Mount Juliet owners plan to invest another €4m in the 500 acre resort in Thomastown, Co Kilkenny, by expanding its 86 bedrooms and upgrading the spa and swimming pool facilities.
Mr O’Neill, an entrepreneur who recently sold his Smile Dental chain for €36m, and Brehon acquired the site from Killeen Group Holdings.
“As a visitor to the Mount Juliet Estate for many years I am absolutely thrilled to be involved in supporting the continued development and growth of the business,” said Mr O’Neill.
“Mount Juliet is the pre-eminent golf destination in Ireland and will continue to hold this position under the new ownership.”
Meanwhile Portmarnock Hotel and Golf Links was bought by international real estate investment and services firm, Kennedy Wilson Europe Real Estate, for almost €30m.
The north Dublin four-star seafront hotel features an 18-hole golf course designed by Bernhard Langer, as well as 138 bedrooms and conferencing facilities.
Jones Lang LaSalle (JLL) had been appointed to run the sale on behalf of the receiver Simon Coyle of Mazars. The state bad bank had a receiver appointed to the previous owner of the property, Capel Developments, in 2011. Capel bought the hotel in 2005 for €70m.
The London-listed investment firm also snapped up the 81 unit Liffey Trust Building on Dublin’s north quays from a subsidiary of the Irish Bank Resolution Corporation (IBRC) for approximately €14.8m.
The retail, commercial and residential development, which close to the O2 Arena, was completed in 2009 and had a 95pc occupancy.
“These acquisitions demonstrate our robust sourcing capabilities in Ireland bolstered by our strong relationship with financial institutions,” said Mary Ricks, President and CEO of Kennedy Wilson Europe.
“The acquisition of this boutique and profitable hotel and golf course at an attractive price and a high quality income producing multi-family scheme are both very strong additions to our growing portfolio and are in-line with our stated investment strategy.”