Tuesday 16 January 2018

US hedge fund to buy Point Village from Harry Crosbie

Roisin Burke

The Point Village in the Dublin docklands will be sold to a big American vulture fund in a deal due to be sealed in coming weeks.

The Nama-controlled Dublin docklands development built by impresario Harry Crosbie is likely to sell for a fraction of what was spent on it, financed by AIB.

Though it has been widely reported to have cost €850m to develop, the real figure is understood to be around €250m.

While the sale does not include the O2 music venue, potential buyers are circling that, too. Part-owned by entertainment giant Live Nation, which is known to be interested in buying the Nama share, it is one of the most successful of the O2 franchise venues in the world. Close attention is being paid to several Nama-controlled Crosbie assets.

Buyers are also looking at the Bord Gais Energy Theatre at Grand Canal Quay.

Crosbie bought the Point Village site 25 years back for €850,000 and spent the ensuing decades painstakingly getting it to development stage.

Tenants include an Odeon Cinema, the Gibson Hotel and units for shops, cafes and restaurants.

Its shopping centre component failed after Dunnes Stores withdrew as anchor tenant, which is believed to have affected 20 other prospective tenants coming on board.

Harry Crosbie was unavailable for comment.

Irish Independent

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