Tuesday 19 September 2017

In brief: Developer buys back Anglo condos

RELATED Cos, the New York developer founded by Stephen Ross, took title to 232 unsold condominium units in Manhattan's Battery Park City for $82.8m after buying a foreclosure bid from lender Anglo Irish Bank. The deal for 225 Rector Place closed yesterday, according to Justin Metz, Related managing principal.

Related developed the property for apartment rentals in 1986 and sold it in 2005 to developer Yair Levy, who converted it into a 304-unit condominium. Levy sold fewer than 25pc of the apartments. Levy's lender, Anglo Irish, began foreclosure proceedings in 2009.

Origin can combine animal businesses

REVIEW

THE Competition Authority has cleared the way for Origin Enterprises to spin off part of its animal-feed business. The company will combine its Republic and Northern Ireland animal-feed ingredient import business into one operation. R & H Hall, which is owned by Origin, will combine its business in the Republic with W & R Barnett -- the largest grain trader in the North.

LinkedIn share sale values it at $3bn

SHARES in LinkedIn, which has its European HQ in Dublin, are being sold in an auction by secondary exchange SharesPost for $30 apiece. This values the professional-networking website at almost $3bn (€2.2bn), it has been reported. SharesPost has contacted LinkedIn shareholders to gauge interest. Sellers had until this week to commit to SharesPost. The sale would give LinkedIn investors a chance to divest shares before the company files for an initial public offering. SharesPost's website now values LinkedIn at $2.51bn.

Bank of America reports $1.2bn loss

BANK OF America, which employs some 1,700 people in Ireland, has reported a second quarterly net loss in a row, hurt by a $2bn (€1.47bn) writedown of the value of its mortgage business. The bank posted a fourth-quarter loss of $1.2bn (€880m), compared with a loss of $5.2bn a year earlier.

BA cabin crew vote for further strikes

BRITISH Airways was facing the threat of a fresh wave of strikes by its cabin crew last night after union members voted heavily in favour of more walkouts in their bitter dispute with the airline. Last year, 22 days of strikes cost it more than £150m (€176m).

Developer buys back Anglo condos

RELATED Cos, the New York developer founded by Stephen Ross, took title to 232 unsold condominium units in Manhattan's Battery Park City for $82.8m after buying a foreclosure bid from lender Anglo Irish Bank. The deal for 225 Rector Place closed yesterday, according to Justin Metz, Related managing principal. Related developed the property for apartment rentals in 1986 and sold it in 2005 to developer Yair Levy, who converted it into a 304-unit condominium. Levy sold fewer than 25pc of the apartments. Levy's lender, Anglo Irish, began foreclosure proceedings in 2009.

Irish Independent

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