Sunday 19 November 2017

Microsoft HQ unit owners share out dividend of €3.5m

John Mulligan

John Mulligan

A company that owns a Dublin office development occupied by Microsoft, and which is controlled by businessmen including Smurfit Kappa boss Gary McGann, telecoms entrepreneur Denis O'Brien and financier Paul Coulson, distributed a €3.5m dividend to its shareholders in its last financial year, new accounts show.

The company, Balcuik, owns the Atrium Building in Sandyford on Dublin's southside. It has been leased by Microsoft since 2005. The company has its European headquarters based at the office.

Disgraced former Anglo Irish Bank chairman Sean FitzPatrick is also understood to have a financial interest in the building, as has Lar Bradshaw, the former Dublin Docklands Development Authority and one-time non-executive director at the now nationalised bank.

Former Allied Irish Banks chairman and current ESB chairman Lochlann Quinn is also involved in the company behind the building.

The €3.5m dividend was paid by Balcuik to another company, Tysan Investments, which is controlled by the owners of the Atrium building.

Accounts just filed at the Companies Office reveal that Balcuik, whose main banker is Anglo Irish Bank, more than doubled its after-tax profit during 2008 to nearly €1.8m from €873,000 a year earlier.

The accounts confirm that the Atrium Building was valued at €116.8m by property firm CB Richard Ellis in January 2009, and that the value was not deemed to have changed by May last year. The Atrium was acquired by Balcuik for over €95m and had been valued at over €137m in 2006.

Other investors in the building include telecoms entrepreneur Sean Melly, as well as property adviser Pat Gunne and businessman John Kerry Keane, who once owned the 'Kilkenny People' newspaper.

The accounts also show that Balcuik paid €4.7m of tax in the 12 months to the end of May 2009, compared to €5.9m in 2008. Its income from rent was €6.8m in 2009, compared to €7.1m the previous year.

Irish Independent

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