Sunday 22 October 2017

Michael O'Flynn signs binding deal with Carbon Finance

Michael O’Flynn has agreed a deal to acquire most of the development assets in the O'Flynn group from Carbon
Michael O’Flynn has agreed a deal to acquire most of the development assets in the O'Flynn group from Carbon
Gavin McLoughlin

Gavin McLoughlin

The dispute between Cork developer Michael O'Flynn and Blackstone unit Carbon Finance is almost over.

Mr O'Flynn has agreed a deal to acquire most of the development assets in the O'Flynn group from Carbon.

The deal will see O'Flynn get around 500 acres, including a major site on the Naas Road and the Haymarket development in Edinburgh, the Irish Independent understands.

Carbon will get the Elysian Tower in Cork.

The financial terms of the deal were not disclosed.

"While the transaction is being completed, the standstill agreement has been extended for a further three weeks," Mr O'Flynn and Carbon said in a joint statement.

Irish Independent

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