Henderson Park Capital the UK investment firm that acquired Green Reit last year for €1.34 billion, is planning to continue to dispose of non-core assets within the portfolio by selling its sprawling George's Quay office complex in Dublin for €400 million, the Sunday Times reports.
The newspaper, which cited online property publication Reach News as first reporting the development, notes that Henderson has already sold two other assets since the Green Reit deal was completed in November: 30-33 Molesworth Street and 3 Burlington Road. The sales will help the firm lower debt and develop Horizon Logistics Park, a distribution hub near Dublin airport, it said.
Australian pharmacy group eyes Ireland
The Sunday Times also reports that Australian discount pharmacy group Chemist Warehouse, known in some quarters as the McDonald's of pharmacy, is planning to enter the Irish market.
The arrival of Chemist Warehouse, which has 400 outlets across Australia, will pile pressure on local pharmacy retailers, which have seen costs rise and sales drop amid the Covid-19 crisis, it said. Last week saw an interim examiner appointed to the Cara Pharmacy Group, and Hickeys 36-strong chain give up its independence by agreeing to be taken over by Dublin-listed Uniphar.
Coveney to bring business Brexit plan to Cabinet
Minister for Foreign Affairs Simon Coveney is set to bring a 60-page plan to prepare businesses for a no-deal Brexit to Cabinet on Tuesday, amid increasing concerns over lack of progress in talks between the EU and the UK, the Business Post reports.
The Government is also in talks with private ferry companies on how to avoid any cutting-off of the current vital "land bridge" between Ireland and continental Europe due to tailbacks at the key UK port of Dover in the event of a chaotic end to the Brexit transition period in December. Contingency plans are being prepared to put more ferries on direct routes between Rosslare in Wexford and France, the report says.
Kiely's of Donnybrook set for co-living project
The former Kiely's pub in Donnybrook in Dublin 4, once a mecca for Leinster rugby fans, is set to be demolished and redeveloped into a shared-living complex by its new owners, the Business Post also reports.
Developer Shane Whelan’s Westridge Real Estate bought the property last year for more than €5 million. The newspaper said Westridge had applied for planning permission to replace the pub with a new three- to seven-storey shared living complex, with the ground floor retained for use as a restaurant and cafe.
Dalata's asset values fall by €161m amid Covid
Dalata Hotel Group revealed last week in its interim report that its hotel assets declined 12 per cent, or €161 million, in the first six months of the year to €1.2 billion, the Sunday Independent reports.
The valuation exercise was carried out by Savills. The asset writedowns drove a loss of €70.9 million in the first six months of 2020 for the company. Dalata also raised €94 million for the sale of new shares last Tuesday.
