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Avestus Capital pays out dividends of €15.7m

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Avestus Capital Partners' housebuilding arm, Richmond Homes, has plans to deliver 5,000 homes across the sites it owns in the Greater Dublin Area. Stock Image: Bloomberg

Avestus Capital Partners' housebuilding arm, Richmond Homes, has plans to deliver 5,000 homes across the sites it owns in the Greater Dublin Area. Stock Image: Bloomberg

Avestus Capital Partners' housebuilding arm, Richmond Homes, has plans to deliver 5,000 homes across the sites it owns in the Greater Dublin Area. Stock Image: Bloomberg

Property group Avestus Capital Partners paid out dividends of €15.7m in 2018 as profits soared at the Dublin-based company.

New accounts lodged by Avestus Capital Partners show that the firm recorded profits of €6.5m in 2018. That represented an increase of 362pc on the profits of €1.4m recorded in 2017.

The dividend payout of €15.7m follows a payout of dividends of €1m in 2017.

The combination of the profit recorded and dividend payout in 2018 resulted in the company's accumulated profits declining by €9.2m to €22.95m.

The company's cash more than tripled from €3m to €11.36m as the value of the company's investments fell from €8.3m to €4.42m following a disposal of €4.2m.

The directors for 2018 are listed as Matthew Brennan, Olan Cremin, Mark Donnelly, Peter Donnelly, Thomas Dowd, Fergus Farrell and Mark O'Donnell. Directors' pay remained static at €1.52m.

Numbers employed by the company increased from 22 to 25.

Last October, Avestus Capital Partners and a US joint venture partner completed the sale of a portfolio - comprising 815 residential units across 16 developments - to Irish Residential Properties Reit (IRES) for €285m.

Avestus Capital Partners' housebuilding arm, Richmond Homes, has plans to deliver 5,000 homes across the sites it owns in the Greater Dublin Area.

A note attached to the accounts said Avestus is a related party to Tazbell Services Group through common directors.

Tazbell, through Dublin Street Parking Services (DSPS) Unlimited, has operated Dublin City Council's clamping contract since 2004.

Last year Tazbell secured a new contract with a value of €36.67m excluding Vat. 

A note attached to the Avestus accounts said the company sold its interest in Tazbell Services Group DAC to certain directors of Avestus Capital Partners on an arms-length basis.

Irish Independent