Monday 20 November 2017

Murtagh, McCaughey backed €370m Goldman Sachs deal

Nick Webb

Nick Webb

IT was the deal that announced that the Irish had arrived. Nearly 10 years ago, a consortium led by Kevin Warren and Green Property spent almost €370m to buy the landmark Goldman Sachs HQ on London's Fleet Street.

Market sources have indicated that bidders may now be circling the building with some investors keen to sell out. However, sources close to the consortium have indicated a deal is not imminent.

While beef baron Larry Goodman and former DCC boss Jim Flavin were named as backers of the deal, the full list of investors has never been revealed.

The Sunday Independent has learnt that the other investors include Kingspan founder Eugene Murtagh, Fexco's Brian McCarthy, former GPA chief Patrick Blaney and Gerry McCaughey, who stood down as chairman of the Dublin Docklands Authority after details of his tax affairs were leaked.

Other backers of the deal include Carol Moffet; former 'Kilkenny People' owner John Kerry Keane; Combilift, which is owned by former entrepreneur of the year Martin McVicar; and Trintech president Paul Byrne.

Galway businessman Donogh O'Donoghue and builder Sean McKeon also own shares in the Isle of Man-based River Court holdings, which owns the building. Each of the investors is thought to have committed up to €1.5m each, although some contributed smaller amounts.

The Goldman Sachs deal is one of the few Irish property backed deals of the last decade that won't be Nama-bound, as the transaction was re-financed by Barclays Bank in 2006.

Sunday Independent

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