Directors John McNally and JP Hilliard are buying out property industry veteran Dr Bill Nowlan’s firm WK Nowlan Real Estate Advisors (WKN).
Founded by Dr Nowlan in 1995, WKN is one of the best-known firms in its sector, advising mainly institutional investors on big development and construction projects.
The firm confirmed on Friday that Mr McNally and Mr Hilliard, both directors of the business, are buying it out from its current owners and that Dr Nowlan himself will step down as chairman.
Mr McNally and Mr Hilliard will buy shares held in the business from an entity controlled by the Nowlan family and a minority stake owned by outgoing managing director, Killian O’Higgins.
Under its new management, WKN will concentrate on expanding its project management business and will continue to grow its advisory, valuation and asset management operations.
In recent years the firm advised the Grangegorman Development Agency on building a new Technological University Campus in the north Dublin suburb.
Mr McNally said the pair were “excited” to be taking over a business known for its real estate expertise.
He added that they saw opportunities to “deepen” the services that it offers clients on property, development and construction.
Mr Hilliard said that they looked forward to implementing their plan to refocus the business.
Mr O’Higgins wished the new owners success. “WKN has a proud tradition for offering advice to its clients with integrity and independence, and I am confident this will continue under John and JP,” he said.