Sunday 25 February 2018

Balmoral secures PayPal

Balmoral International Land Holdings plc, headed by the McCann fruit importer family, has concluded a deal to lease its 13,450sqm technology building at the Xerox Technology Campus, Dundalk, Co Louth to PayPal Europe Services Ltd, the global online payments company.

PayPal, which is owned by eBay, recently announced plans to establish a new European Operations Centre in Dundalk, with the assistance of IDA Ireland. The project is expected to create 1,000 new jobs and will benefit the economy on the north eastern region of the country.

Immediately on occupation, PayPal has said it intends to spend several million euros on expanding and fitting out the premises.

Balmoral's property is located within the Xerox Technology Park at the entrance to Dundalk, close to the local Institute of Technology and the M1 Motorway and less than 45 minutes from Dublin International Airport.

Commenting on the transaction, Balmoral Chairman, Carl McCann, said:

"We are very pleased that it was the availability of a facility of the size and quality of our premises that helped to persuade the company to locate this major investment in Dundalk. The creation of 1,000 new jobs will have an enormous impact on the town ."

Balmoral has delisted its shares from the stock market but they were traded in the grey market in January at €0.0035.

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