Andrew Gunne, the former managing director of Key Capital Real Estate, was made chief executive yesterday of Chartered Land one of Ireland's biggest property developers.
Mr Gunne is expected to lead Chartered Land as it seeks new development opportunities with international investors. He will also continue Chartered Land's work with the National Asset Management Agency on realising value from its existing portfolio.
Chartered Land is understood to have been approached by many overseas investment funds interested in using its expertise in office, retail and residential development.
Mr Gunne is an expert in sourcing, structuring, financing and executing property transactions, all skills which will be required in his new role. He has worked on commercial property transactions worth €3.8 billion in Ireland, Britain and continental Europe.
Founded in 2003 Chartered Land is chaired by Joe O'Reilly the developer behind the Dundrum Shopping Centre, the Bord Gáis Energy Theatre and the Grand Canal Square office scheme which houses Facebook. Chartered Land's previous chief executive was Dominic Deeny.
Mr Gunne co-founded Key Capital Real Estate (KCRE) after previously working with estate agent CB Richard Ellis. His father Fintan was the founder of Gunne estate agents.
KCRE is part of Conor Killeen’s Key Capital, the Dublin- and London-based capital markets, corporate finance, investment and wealth advisory firm.
Chartered Land has agreed a deleveraging plan with Nama and it has repaid significant debts to the State property agency by selling prime office blocks in Dublin including No 2 Grand Canal Square and 32-35 South King Street as well as its investment portfolio in the UK.
Nama is currently considering the future of its other assets which are considered among the best of the agency’s remaining Irish properties. Mr O’Reilly’s Dundrum Shopping Centre is worth an estimated €1 billion and it has considerable further development potential. Nama is considering whether to sell the centre in the next two years or invest in expanding it further.
Chartered Land is also the owner of a large site in Dublin city centre based around the former Carlton cinema on O’Connell Street.
Mr O’Reilly and his management team are considered among the most experienced developers in Ireland.
Paddy McKillen, the well-known property investor and developer, said in an interview in April that he believed Mr O’Reilly was “one of the greats”. “He has a very bright future,” he predicted.
