Developer Tetrarch gets UK backing for 1,500-home plan

Seen & heard: sharing construction costs; Janssen expansion; PwC backs Donohoe

The Government is working on a system to share the burden of rapidly increasing construction costs on public sector projects. Photograph: Gareth Fuller/PA Wire

The Government is working on a system to share the burden of rapidly increasing construction costs on public sector projects. Photograph: Gareth Fuller/PA Wire

 

Property group Tetrarch has secured private equity backing for plans to build 1,500 homes, the Sunday Times reports. London-based Revcap will back the €500 million venture by the Irish group, which owns the Mount Juliet and Citywest hotels. The paper reports that Tetrarch has a strong focus on senior living accommodation in plans that include social, affordable and private housing in a number of schemes in the greater Dublin area.

Sharing the building burden

The Government is working on a system to share the burden of rapidly increasing costs in the construction sector, the Sunday Independent writes. EY has been engaged to develop a formula for burden sharing. It comes after The Irish Times reported last week that builders were walking away from contracts to build schools and other public sector projects over rapidly rising costs.

OECD’s corporate tax overhaul

Accountancy giant PwC has told Minister for Finance Paschal Donohoe that any agreement on the OECD overhaul of corporate tax must be on the basis of no further change in business tax rules for at least a decade, the Business Post reports. The calls come as it backed the Minister’s wait-and-see approach on backing the scheme.

Janssen to increase capacity at Ringaskiddy

An Irish unit of Big Pharma company Johnson & Johnson is planning a €150 million expansion at a Cork plant. The plan for the Ringaskiddy Janssen Sciences plant will increase its manufacturing capacity and create 180 jobs when it is completed in late 2023, according to the Sunday Independent, bringing employee numbers at the site to more than 1,000.

Varadkar calls for State pension increase

Fine Gael leader Leo Varadkar will tell the Fine Gael think-in this week that the State pension should be increased because of rising inflation, but that next month’s budget should also feature tax cuts, especially for those on middle incomes, the Business Post reports. He will also oppose any call for an increase in PRSI for self-employed people, reportedly a recommendation in the Pensions Commission report that has recently landed on the desk of Minister for Social Protection Heather Humphreys, it writes.

Morrison plans 111-bed nursing home in Dublin

Scottish nursing home group Morrison Community Care is planning to build a 111-bed nursing home close to Marlay Park in Dublin. The Sunday Times writes that the group has teamed up with Wexford developer Ciaran Redmond for the project on Taylor’s Lane. It is Morrison’s first project in Ireland but it has built and sold three nursing homes in the UK and has another five in development, the paper says.

Cork tech group takes Walmart to court

A battle between Cork tech group Everseen and US retail giant Walmart is scheduled for a trial in the US next year, according to the Sunday Independent. The Irish group, which uses artificial intelligence to improve security and efficiency at self-service checkouts, claims former client Walmart stole its technology to build a competing product.

Hotels seek clarification on event rules

Fáilte Ireland was initially told hotels could not hold outdoor events along the lines of Katherine Zappone’s Merrion Hotel get-together, the Business Post reports. Further requests to the Department of Tourism for clarification following representations from the Irish Hotels Federation were not answered, the paper says.