Warren property company retains €700,000 in profits

Warren Private Clients, the company owned by property financier Kevin Warren, retained profits of over €700,000 last year, which it is expected to use to finance an expansion of its business.

Financial statements filed at the Companies Office show that the company had €705,500 in its profit and loss account as of November 30th, 2005, compared to just €7,200 the year before.

The company completed a total of 11 property deals last year worth a total of €620 million and is expected to have an even more active year in 2006.

The private company is obliged to file only an abridged set of accounts to the Companies Office. The net current assets of €1.1 million on its balance sheet do not show the value of the property deals it has secured, which are funded using clients' money.

It is not required to disclose its fee income.

Mr Warren recently settled a case taken against him by property developer Seán Dunne in relation to his purchase of Mr Dunne's 50 per cent share in the Whitewater shopping centre in Newbridge, Co Kildare.

Mr Warren eventually agreed to pay just under €200 million for the share, with this sum to rise to €220 million if certain rental targets are met.

The company now has property assets under management worth around €2.2 billion.

Since last November, Warren Private Clients, which was founded by Kevin Warren and Enda Connolly, has also paid €88 million for a property in Sandyford, Co Dublin, $46 million (€36 million) for a retail property in SoHo in Manhattan, $24 million for a property in the US state of Connecticut and €30 million for an office building in Amsterdam, the Netherlands.

In April, the company also arranged for a consortium of investors to buy Bupa's 56 per cent share of the Blackrock Clinic for €50 million.

In the 12 months to the end of November 2005, Warren Private Clients did four deals in the US and seven in Ireland.