The US real estate investment company, Hines, is on the brink of acquiring the Square shopping complex in Tallaght for an estimated €125 million. This acquisition would amount to half of what the shopping centre was purchased for four years ago, according to a report by The Sunday Times. Hines was selected as the prime choice for acquisition by the US investment firm, Oaktree Capital, who had previously placed the complex in the market ranging between €160 and €170 million.
In 2019, Oaktree Capital had handed €250 million to the National Asset Management Agency (Nama) for 90% ownership of the centre. The complex, compromising of a 13-screen cinema, 130 retail outlets and spanning across 53,000 sq m, was also speculated to potentially be suitable for housing. The property prices of retail environments have witnessed a significant downfall due to the Covid-19 impact on consumer buying behaviour along with a rise in interest rates in recent times.
According to a report by The Irish Times last month, M&G Investments, a minor lender of the scheme, raised concerns about the deduction level being implemented. This concern arises as adjustment to this level may result in the clearing of its investments.
As per reports by The Sunday Times, the proposed sale of Blueface, an Irish telecommunications company which operates through the Cloud, may lead to the loss of almost 100 jobs. This decision follows Comcast, the current owner of Blueface, decision to put the company up for sale after vesting interest in Masergy, a Texas cloud telecoms service provider. Blueface currently employs approximately 124 people.
Another issue of grave concern is the anticipated challenge in securing Foreign Direct Investment(FDI) due to the delays in the €1.6 billion Shannon pipeline and impending water shortages. Uisce Éireann (Irish Water) has warned that it might refuse future connection requests unless the 170km pipeline from Shannon to Dublin is completed within a decade. Despite the utility group’s assurance about meeting particular FDI project requirements in near future, the looming threat of water shortage jeopardizes competitiveness.
Actavo, an engineering services group, is appointing Colm Doherty, former AIB managing director from 2009 to 2010, as a top executive. Doherty currently serves as chairman of Actavo. He will fill the role vacated by CEO Brian Kelly, who had been the head of the Denis O’Brien-owned company for six years. Actavo, formerly known as Siteserv, was acquired by O’Brien in 2012, in a transaction involving IBRC writing down €119 million of the company’s loan. There is speculation these changes hint that O’Brien might be planning to sell Actavo. This follows O’Brien’s decision last month to sell majority-owned Beacon Hospital and his ceding control of Digicel to bondholders in January.
In the restaurant industry, the Cornstore and Coqbull group, running several casual-dining venues in Cork and Limerick, has successfully exited examinership, preserving roughly 200 positions. An examiner was called in last November when the group’s principal creditor, Proventus Capital Partners III based in Sweden, appointed receivers for particular assets when the group defaulted on a €29.7 million debt payment. London-based Padraic Frawley, firm founder and CEO, has been reincorporated as a director following the securing of a new investment, as disclosed by a report. Realm Finance from Dublin made the said investment. According to Frawley, the hospitality industry faced a “perfect storm”, with Brexit, Covid, rising wages, and a shortage of staff in recent years.