Monday 25 March 2019

Qatari investor lines up €27m approach for Adare Manor

RESORT: Tiger Woods wrapping up a round at Adare Manor
RESORT: Tiger Woods wrapping up a round at Adare Manor
Richard Curran

Richard Curran

A wealthy Qatari investor is lining up a bid for the luxury Adare Manor hotel and golf resort, through an Irish investment advisory firm.

The hotel is being sold by owners Tom and Judy Kane with a price tag of between €25m and €27m. First round bids are expected later this month.

Even Keel Partners is a Dublin firm set up two years ago and is regulated by the Central Bank and the Financial Conduct Authority in London. It also has partners in Riga in Latvia and Doha in Qatar.

Managing partner and co-founder Bruno Doutrelepont, a former private banker with BNP Paribas, declined to name the Qatar investor behind his bid but said his firm has acted for a number of wealthy Qatar investors buying property across Europe. Adare Manor would potentially be their first Irish asset.

"We are currently looking at Adare Manor on behalf of a Qatari private investor - and we would be interested in other five-star hotels or trophy properties in and around the Dublin area," he said.

The firm's clients are based in Ireland, UK, Latvia, Russia and Qatar.

"After investing in London and Paris, we started looking at Belgium and Germany about a year ago and more recently have expanded our search to countries, such as Spain, Portugal and Ireland," he said.

Doutrelepont also plans to examine other sizeable deals.

"We have access to a substantial amount of capital. We are eclectic about what we invest in, but we usually seek great-looking trophy assets at decent yields.

"Our current clients have a particular interest in offices and five-star hotels as investments, and luxury residences for private use," added Doutrelepont.

Qatar is the richest country in the world per head of population. It has 12 billionaires and 300 ultra-high-net-worth individuals worth over $45bn.

In London alone, Qatar investors have bought Harrods, the Shard, the Chelsea Barracks site, the US embassy and the Olympic village site. They have also become the largest shareholders in Sainsbury's, with just over a quarter of the business.

Qatar investors also co-own Miramax Films after purchasing it from Disney with a group of other investors.

The sale of Adare Manor is being handled by CBRE and first-round bids are due next Friday. Even Keel is likely to be in competition with overseas hotel groups as well as Irish and other international investment funds.

The hotel resort has a strong reputation and comes with 766 acres of parklands beside the Maigue River. It also has planning permission for 133 new houses.

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