Clerys landmark Dublin building sold for €63m
CLERYS has moved one step closer to redevelopment after the iconic premises was acquired by a major international investor.
Europa Capital bought the former department store on O’Connell Street from businesswoman Deirdre Foley’s Natrium consortium for a figure in the region of €63m, the Irish Independent can reveal.
The deal, understood to have been completed in recent days, is expected to see Europa Capital deliver on Natrium’s plan to develop retail units, a boutique hotel, offices and leisure facilities.
The hugely ambitious project was given planning permission by Dublin City Council in December 2016 despite the objections of former workers who lost their jobs when the landmark store suddenly changed ownership.
Natrium, which is 20pc owned by Ms Foley’s D2 Private and 80pc owned by London-based Cheyne Capital, acquired Clerys and its property portfolio in 2015 for around €29m.
Europa Capital is acknowledged as one of Europe’s leading investors in the retail, office and residential sectors.
The company’s portfolio already includes major developments in the UK, France, Germany and Spain.
News of Europa Capital’s acquisition of Clerys will come as something of a surprise to property industry observers.
Up until now, developer and Press Up Entertainment chief Paddy McKillen Jr had been considered as being in pole position to secure the iconic O’Connell Street property.
While Mr McKillen is understood to have made an offer of more than€60m for Clerys and engaged in detailed discussions in relation to its potential purchase, Europa Capital’s bid of €63m ultimately prevailed.
Mr McKillen, a son of the Belfast-born property investor Paddy McKillen Sr, may however still be involved in the proposed scheme.
Earlier this year, he was one of up to 30 parties who expressed an interest in operating the hotel proposed by Natrium as part of the department store site’s redevelopment.