Friday 6 December 2019

Top builders part of €90m IFSC deal

Commercial Property Editor

A NAMA top 10 developer and one of the biggest beef barons in the country invested in a property which was sold this week for nearly €100m.

Galway developer Gerry Barrett and Dawn Meat's Peter Queally were among the investors in the syndicate, along with a number other figures from the business and property world, who joined a scheme to buy Guild House in 2002.

Hibernia REIT bought the office block in the heart of Dublin's IFSC for €90.75m on Tuesday. The sellers were described as a "syndicate of private investors". The Irish independent however has learned the details of these individuals.

Mr Barrett invested through his company Radical Properties Ltd, while Mr Queally invested as an individual.

Mr Barrett is a former teacher who started in the property sector in the early 1980s, buying properties in Galway city.

His firm, Edward Holdings, built the Edward Square development in Donnybrook, Dublin, and bought the former student residence, Hatch Hall, in 2004 for over €16m. His deals also included Ashford Castle for €50m in 2008. Others who took part in the deal are understood to include Byblos Ltd - a company tied to Christopher Bennett's Bennett Construction and MKN Properties' Sean McKeon.

The syndicate was assembled by Warren Private - an investment firm set up by former tax inspector Kevin Warren.

full story page 10

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