Tuesday 19 September 2017

'Beef Baron' buys BoI HQ for €40m

Ronald Quinlan

Ronald Quinlan

'BEEF Baron' Larry Goodman has snapped up Bank of Ireland's former headquarters in Dublin's Baggot Street for just over €40m, the Sunday Independent can reveal.

The price paid by the Goodman family's holding company, the Parma Group, represents just a fraction of the €212m handed over at the height of the boom by a consortium headed up by Ireland's erstwhile property Midas, Derek Quinlan, and backed by heavy borrowings from a syndicate of foreign banks led by Bank of Scotland (Ireland).

Several of the high-profile figures who piled in behind Mr Quinlan in that 2006 deal are now declared bankrupt.

Among the Baggot Street investors to have seen their fortunes evaporate are former Anglo Irish Bank chairman Sean FitzPatrick, developer Paddy Shovlin and hotelier brothers Anthony and Patrick Fitzpatrick.

A spokesman for the Goodman family declined to make any comment on the price paid by Ramly Ltd (a wholly-owned subsidiary of the Parma Group).

The €40m-plus secured by Jones Lang LaSalle on behalf of receivers KPMG is being widely interpreted by those in the real-estate industry as a welcome "vote of confidence" in Ireland's commercial property market.

Prior to closing the deal, Jones Lang La Salle had been seeking in the region of €30m to €35m for the building.

The Sunday Independent understands that there were a number of disappointed under-bidders.

Sources have suggested that the Baggot Street building may need an additional €30m to €40m in refurbishment.

Sunday Independent

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