Harcourt Developments considering sale of six shopping centres

Seen & Heard: Big investment in Shelbourne football; Hastings to sell Merrion hotel stake

Donegal developer Pat Doherty's Harcourt Developments is mulling a sale of a portfolio of six regional shopping centres, according to The Sunday Times. It says the developer's main lender, Apollo Global Management, which bought Harcourt's loans from Nama, has retained sellers to advise on options for the assets, which includes centres in Dublin, Donegal, Limerick, Galway, Laois and Louth. Harcourt was due to repay €255 million to Apollo last August.

Seven-figure investment for Shelbourne football

A consortium of investors is planning to make a "seven-figure" investment in Shelbourne football. The Sunday Times reports that the group of financiers includes Joe Devine, who was closely associated with Ardmore Studios, as well directors from Centerbridge Partners private equity group. The club is majority owned by former Maples & Calder law firm chief Andrew Doyle. The club, managed by Damien Duff, may look to redevelop its Tolka Park stadium in Dublin.

ServiceNow to double Irish headcount

The Sunday Times also reports that software company ServiceNow has agreed a deal to lease property that would allow it to more than double its Irish staff headcount to 900. It says the company will take the space at a new six-storey commercial development on Dublin’s Dawson Street.

Solar21 seeks ‘financing solutions’ to repay investors

The Sunday Independent reports that Irish-based investment group Solar21 has delayed repayments to investors in a €250 million renewable energy project in the UK. It says the group, founded by Mayo brothers Michael and Andrew Bradley, sent a memorandum to Irish brokers saying it is seeking "financing solutions" to help it make the repayments. It blamed Brexit and supply chain disruption for issues affecting its UK investments.

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Buyer sought for Merrion hotel stake

The Belfast-based Hastings hotel group is seeking a buyer for its 50 per cent stake in Dublin's five-star Merrion hotel, which the Sunday Independent speculates may fetch more than €140 million if the entire hotel is sold. The other 50 per cent is owned by Glen Dimplex founder Martin Naughton and his long-term business associate, former AIB chairman Lochlann Quinn.

Ryanair invests in Edinburgh, Cork and Leeds airports

The Sunday Independent also reports that Ryanair announced investments in three airports worth $400 million (€363 million) this week, as it ramps up its operations in anticipation of a busy summer. It has allocated two extra aircraft for Edinburgh airport, as well as one extra each for Cork and Leeds Bradford. The paper says each aircraft represents a $100 million investment.

Assets managed by Irish funds industry hit €5.7tn

The Business Post also reports that the Irish funds industry managed assets at the end of 2021 of $5.7 trillion, according to research from Monterey Insight. The value of Irish-domiciled funds rose 28 per cent to $4.2 trillion, with the rest of the industry here accounted for by Caymans and Luxembourg-domiciled funds administered in this country.

Mark Paul

Mark Paul

Mark Paul is Business Affairs Correspondent of The Irish Times. He also writes the Caveat column