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US 'vulture fund' to buy Crosbie's Point Village

US investors are poised to take over one of the landmarks of Dublin's construction boom in a deal worth tens of millions of euro.

An American "vulture fund" is expected to close a deal for Harry Crosbie's Point Village in the Dublin Docklands in the coming weeks.

The development saw hundreds of apartments, retail outlets and thousands of feet of office space built on land that had been part of the old Port & Docks warehouses in the area around the O2 music venue – formerly the Point Theatre.

Mr Crosbie developed the land over the past decade but growth has been hampered since the property crash.

The fund is expected to pay a fraction of the cost Mr Crosbie incurred building the development. It is believed it cost around €250m to build. NAMA has since taken over the loans tied to the development.

The O2, one of the landmarks of the area, is not believed to be part of any deal at the moment.

The venue may, however, be changing hands before the end of the year. LiveNation, which runs the site on a day-to-day basis and owns part of the theatre, is said to be keen on taking full control of the O2, which has been one of the most profitable of the "O2" venues around the world.

Vulture funds, such as private equity firms and hedge funds, have descended on Ireland and the rest of Europe since the downturn, seeking assets that have plunged in value and are now under priced.

Traditionally they buy up the debt on companies that are perceived to be on the verge of collapse for cents in the dollar and hope to turn a profit when the company defaults on its debts.

Irish Independent