Arnotts investor Fitzwilliam Partners buys more retail properties
Company buys premises in Upr Liffey Street for €800,000
Noel Smyth: Fitzwilliam Partners is continuing the policy of buying retail properties adjoining Arnotts
The company recently acquired number 5 Upper Liffey Street for €800,000, giving it control of a key stretch of four adjoining buildings, numbers 3,4,5 and 6. Mervyn Ellis of BNP Paribas handled the sale of the former opticians shop for the vendor.
Last May, Fitzwilliam announced it had reached agreement to acquire the 50 per cent stake in Arnotts owned by rival bidder, US investor Apollo.
Arnotts ran up substantial debt midway through the last decade by buying property around it to develop as a retail quarter. Fitzwilliam and Apollo bought this debt from the banks and Fitzwilliam ended up with control of the company.