Property group Kenny set for sale at €475m

An international property portfolio controlled by the Galway-based Kenny development group is coming on the market with a pricetag in the region of €475 million, according to senior sources in the property industry.

The sources said the family-owned group has approached Merrion Capital and DTZ Sherry FitzGerald to find the buyer for its portfolio, which includes significant assets in Ireland, Britain and Spain.

The Kenny Group is one of the biggest and most active developers outside Dublin. Its Irish portfolio is said to include assets in Galway, Limerick, Cork and Dublin. The group was highly acquisitive in the past and it traditionally held on to property assets where it could.

It was unclear late last night why the group was contemplating a sale. Sources said that the Kenny family appeared to be planning to dissolve the business.

Led by Martin Kenny, a well-known figure in property circles, the groups owners include Nicholas, John and Paul Kenny. Companies Office records suggest that a director of the group, Michael Pender, retains a minor shareholding.

While Kenny Group's assets are likely to attract strong interest in the booming property sector, those examining the prospectus will have to sign a confidentiality clause.

In business for more than 20 years, the Kenny group is known to have a particular expertise in tax-driven developments. The group's portfolio is known to include numerous student apartments, retail units in Galway city, as well as development sites in the west of Ireland.

Its clients include the Department of Justice, An Post, Volvo, Citroen, Galway City Council, Cork County Council, Wigoders and Tile Market. Other clients include the Galway-Mayo Institute of Technology, Carlow Institute of Technology, Cork Institute of Technology and UCD.

In Galway, the group had residential projects in Oranmore, Knocknacarra, Newcastle. It also built a mixed retail and residential development adjoining the NUI, Galway and in the inner city's designated area.

While Martin Kenny is known to have developed the Sarsfield Bridge Hotel in Limerick, it is unclear if this property is vested in the group or if it ranks among his personal assets.

Kenny Group's commercial projects under way include the District Centre development at Knocknacarra in Galway and the 17-acre City North Business Park, two miles from Galway city.