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Dublin: 9°C Friday 23 October 2020

Marker to market for €40 million

Investor plans to sink any dividends back into Irish commercial property.

Image: Donal McCann via Savills

AN IRISH PRIVATE equity player is bringing a set of apartments and commercial units connected to The Marker hotel in Dublin’s docklands to market.

Brehon Capital Partners and Midwest Holding is looking for a guide price of around €40 million for the 84 apartments and six commercial units.

It is understood that the real estate player paid around €30 million for the apartments, commercial units and the hotel in 2011. They are thought to have put around another €20 million into finishing off the development.

BCP will hold on to The Marker hotel for the forseeable future.

Marker to market for €40 million
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  • Grand Canal Square

    Source: Donal McCann
  • Bedroom

    Marker residencesSource: Donal McCann
  • Kitchen

    Marker residencesSource: Donal McCann
  • Living Room

    Marker residencesSource: Donal McCann

Brehon Capital Partners principal Kevin McGillycuddy said that he is anticipating a much higher level of interest in the property than when he snapped it up three years ago.

We bought this extraordinary development at a time when there was little appetite to invest in Irish residential property…three years on we’re very optimistic that there will be a high level of demand from both domestic and international investors.

A source close to the process said that any cash raised through the sale will be plowed back into the Irish property market, most likely in the retail, hotel, commercial or apartment sector.

Brehon Capital Partners also invested in and operates the former Ritz-Carlton hotel in Powerscourt, County Wicklow, which went bust last year after NAMA sold off its stake in the hotel.

It is thought that the private equity player has no plans to sell its stake in this property in the immediate future.

On the green: NAMA nets €5 million for €80 million Kildare golf resort>

€107m to €10m: Dublin site sold for less than one tenth of 2006 price>

About the author:

Jack Horgan-Jones

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