Wednesday 25 April 2018

McIlroy profits from sale of yacht builder

Rory McIlroy
Rory McIlroy
Donal O'Donovan

Donal O'Donovan

Irish investors including golfer Rory McIlroy are set for a payday after Chinese conglomerate Dalian Wanda Group confirmed it will pay £320m (€374m) for yacht builder Sunseeker.

Wanda is owned by billionaire Wang Jianlin , one of China's wealthiest men and ranked as the 166th wealthiest person by Bloomberg.

He's buying the UK-based maker of luxury yachts from a consortium of Irish investors that was put together by Dublin based FL Partner and paid €29m for the business in 2010. FL was established in 2006 by Peter Crowley and Neill Hughes, former executives of Bank of Ireland unit IBI Corporate Finance.

Sunseeker's boats have been featured in James Bond movies.

The company employs 2,500 thousand staff.

Confirmation of the sale came as Dublin-based Green Property sold One Nine Elms, a prime London development site, for £90m (€105m) to Chinese investor Dalian Wanda Group.

The property, in the Battersea neighbourhood of Central London, is close to the iconic Battersea Power Station sold by NAMA in a £400m deal last year.

State-owned AIB is set to share in the proceeds of the sale thanks to a profit-sharing deal the bank agreed with Green Property back in 2008 when it sold the site as part of a portfolio of London development land.

The One Nine Elms development will be worth as much as £700m once it is built.

The plan is to build twin-45 storey and a 60-storey skyscrapers with a total of 1.13 million square feet once it is built.

The development will include a five star hotel, high-end apartments, office and retail space.

Irish Independent

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