UK’s Hen­ley en­ters mar­ket with Bar­tra ven­ture

The Irish Times - Business - - BUSINESS NEWS - JOE BREN­NAN

UK pri­vate eq­uity prop­erty in­vest­ment firm Hen­ley has en­tered the Ir­ish mar­ket by spend­ing al­most €15 mil­lion on two deals with its lo­cal part­ner, Bar­tra Cap­i­tal Prop­erty Group, which was founded by de­vel­oper Richard Bar­rett.

Both par­ties have com­mit­ted to in­vest­ing fur­ther in fu­ture trans­ac­tions. Hen­ley and Bar­tra have bought a 38,000sq ft (3,530sq m) of­fice block near Phoenix Park in Dublin, called Phoenix House, which is 38 per cent let out to the State, the joint ven­ture said.

In­dus­trial as­set

The firms plan to re­fur­bish and let out the va­cant ar­eas. The two com­pa­nies have also pur­chased a 44,000sq ft of­fice and light in­dus­trial as­set in Ci­tywest Busi­ness Cam­pus in south­west Dublin. “The Ir­ish econ­omy is very strong and as the UK pre­pares for Brexit, the Dublin mar­ket is likely to ben­e­fit fur­ther,” said Ian Rick­wood, chief ex­ec­u­tive of Hen­ley, which was set up in 2006 and has $2 bil­lion (€1.6 bil­lion) of as­sets un­der man­age­ment. Paul McGrath, com­mer­cial real es­tate di­rec­tor at Bar­tra, which was founded by Mr Bar­rett to in­vest in in­fra­struc­ture op­por­tu­ni­ties fol­low­ing the global fi­nan­cial crash, said: “We look for­ward to work­ing with Hen­ley on iden­ti­fy­ing, de­vel­op­ing and ul­ti­mately cap­i­tal­is­ing on fur­ther com­mer­cial real es­tate op­por­tu­ni­ties in the Ir­ish mar­ket.” Bar­tra has to date fo­cused on hous­ing, com­mer­cial real es­tate, re­new­able en­ergy and health­care in­vest­ments. It emerged last month that the com­pany will part­ner with CIÉ on the de­vel­op­ment of a new high-rise of­fice plan in Dublin’s south dock­lands.

The com­pany has also built up a port­fo­lio of sites in Dublin aimed at de­liv­er­ing at least 700 so­cial hous­ing units by the end of the decade.

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