Thursday 24 January 2019

Marlet and Round Hill Capital end talks over 'Dublin Living' apartment portfolio

Developer Pat Crean
Developer Pat Crean
Ronald Quinlan

Ronald Quinlan

Developer Pat Crean's Marlet Property Group and London-based Round Hill Capital have discontinued their negotiations in relation to the forward-funding of Marlet's 'Dublin Living' scheme, a portfolio of 1,170 apartments across four sites at St Clare's and Mount Argus in Harold's Cross, Carriglea on the Naas road and on the former CIE lands in Cabra.

The proposed deal had carried an estimated value of €450m and was the subject of detailed discussions between the parties since late last year. Had it proceeded, the transaction would have represented Ireland's largest-ever Private Rented Sector (PRS) public offering.

Asked for comment on the matter yesterday, a spokesman for the Marlet Property Group said: "We can confirm that we have decided to discontinue our talks with the Round Hill Capital consortium in relation to the funding and sale of the Dublin Living portfolio. This is due to an inability to reach an agreement following an extended period of negotiations. Marlet will now look at other options for the four sites."

A spokesman for Round Hill Capital said: "Round Hill Capital has ended talks in relation to forward funding the Dublin Living portfolio. We are continuing discussions in relation to a separate set of potential land acquisitions."

While it remains unclear what options Marlet is now considering for the Dublin Living portfolio, all four of its sites have planning permission, and will have appreciated in value since being brought to the market in June of last year.

The most recent of those permissions was granted just two months ago by An Bord Pleanála, when it gave its approval under the Government's temporary fast-track planning system for 420 homes on the site of CIE's former lands on Carnlough Road in Dublin's Cabra area.

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