Wednesday 13 November 2019

IFSC building sales bag €40m for Martin Naughton and Lochlann Quinn

IFSC
IFSC

Paul O'Donoghue

The sale of two International Financial Services Centre office blocks has generated profits of €40m for Martin Naughton and Lochlann Quinn.

The two businessmen have netted €50m for office building Harbourmaster One shortly after taking in €40m from the sale of another IFSC block.

The two sales have resulted overall profits of €40m, according to the Irish Times.

Harbourmaster One was originally bought for around €26m while the second building, George’s Dock 5, cost roughly €24m.

Harbourmaster One has now been sold to Irish Life for €50m while George’s Dock 5 was bought by State Street six months ago for just under €40m.

Mr Naughton is the billionaire founder of electrical goods giant Glen Dimplex.

Lochlann Quinn is the outgoing chairman of the ESB.

 

 

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