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Big-hitter property firm Tysan posts €1.5m profit

TYSAN Investments, the €100m property company whose shareholders read like a list of Ireland's richest men, recorded profits of €1.5m last year, according to accounts just filed with the Companies Office.

It's a second year of profit for the company, helping undo the impact of losses in 2007 and 2008.

The company is owned by leading businessmen including telecoms and media mogul Denis O'Brien, Paul Coulson of Ardagh Glass, Smurfit Kappa boss Gary McGann, property entrepreneur Pat Gunne and telecoms investor Sean Melly.

Tysan is an investment company that owns two large, modern office blocks in the swish Sandyford industrial estate in Dublin. It turned a profit of €1.5m last year, enough to half its previous shareholder deficit. The accounts just filed show that Tysan has debts of €104m, through a separate subsidiary that actually owns its property assets.

That subsidiary, called Balcuik, took in €7.2m in rents in the year to the end of May, according to separately filed accounts. Balcuik tenants including IT giant Microsoft.

Irish Independent