Tetrarch starts plan for 2018 capital raise to fuel hotel arm
Published 21/08/2016 | 02:30
Tetrarch Capital has held internal discussions about raising more capital in order to support the growth of its hospitality business.
Tetrarch Hospitality managing director Damien Gaffney said the business may consider "some form of capital event" - which may involve raising equity or a refinancing of the group - in 2018 or thereafter.
"On the hospitality side, I think there's definitely a discussion that we've had about raising an additional capital - but I think we really wanted to get out of the ground on the development assets that we have," said Gaffney in an interview with the Sunday Independent.
"The market is obviously very volatile at the moment, because of Brexit," Gaffney said. "You don't see too many IPOs happening because everything seems to be at a standstill. At this moment in time, it's impossible to know… I think for us we're fairly open to it (an IPO).
"But we're well capitalised at the moment, we don't have any urgent need for fresh capital."
Tetrarch has submitted plans for a 158-bedroom 'budget boutique' hotel at Sackville Place in Dublin, a 159-unit aparthotel off Pearse Street in the capital, and is finalising a scheme for a site at Townsend Street which will include a hotel with 250-400 rooms.
The latter scheme is also likely to include two office blocks, as well as residential units.
The group's hotel assets include the Citywest Hotel, Mount Juliet, the Marker in the Dublin docklands and Powerscourt in Wicklow.
Sunday Indo Business