Business Irish

Thursday 14 November 2019

Frazer Capital inks €70m deal with ASB to sell prime Boston offices

Nick Webb

FRAZER Capital, the property group set up by tycoon Aidan Brooks' former right-hand man, Paul O'Sullivan, has inked a €70m deal to sell four prime Boston office blocks to US group ASB Real Estate Investments.

The Limerick-based company bought the buildings for about €38m. The portfolio of four retail-office buildings, totalling about 51,250 square feet, are all located on the exclusive Newbury and Boylston Streets, which is one of the most uber-chic thoroughfares in the city.

The properties are 100 per cent leased to a host of international tenants, including Ralph Lauren, Puma, Fidelity Investments and Siemens. The deal was brokered by Eastdil Secured.

Last November, Frazer Capital also offloaded around €13m worth of properties in the city to institutional investors. It is understood to own a number of other chunks of real estate in the area.

Frazer Capital was founded in 2010 by Paul O'Sullivan, a chartered accountant from Kilrush, Co Clare, and his Boston-based partner, John Driscoll. Mr O'Sullivan was previously chief financial officer to well-known property investor, Aidan Brooks, an associate of JP McManus and John Magnier

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