Tech sec­tor driv­ing Dublin in­vest­ment, in­sists CEO

Belfast Telegraph - Business Telegraph - - Commercial Property - BY RON­ALD QUIN­LAN

THE head of global real es­tate gi­ant Kennedy Wil­son has said that the com­bi­na­tion of a “great univer­sity sys­tem” and “clear growth” among the world’s ma­jor tech­nol­ogy com­pa­nies will con­tinue to sup­port its de­ci­sion to in­vest hun­dreds of mil­lions in Dublin.

Kennedy Wil­son chair­man and chief ex­ec­u­tive Bill Mc­mor­row has de­scribed his ap­proach on in­vest­ment in Dublin and on the west coast of the US.

He said: “We’ve learned over the years that in or­der for any of these mar­kets to sus­tain them­selves, there has to be a great univer­sity sys­tem be­cause they have to be pro­duc­ing younger peo­ple that can go into the job mar­ket.”

Mr Mc­mor­row added that the “clear growth” tak­ing place in the tech­nol­ogy in­dus­try was un­der­pin­ning the cre­ation of jobs tak­ing place in Dublin and in Seat­tle, Reno and Boise in the United States.

Re­fer­ring to Kennedy Wil­son’s anal­y­sis of the tech sec­tor’s prospects and the po­ten­tial im­pact of that on his busi­ness, he said: “We study the large tech­nol­ogy com­pa­nies, their fi­nan­cial state­ments.

“We study their abil­ity to con­tinue to grow. And when you look at the top 15 tech­nol­ogy com­pa­nies by mar­ket cap [cap­i­tal­i­sa­tion], and then re­ally study their bal­ance sheets, these com­pa­nies are ex­tremely well-cap­i­talised.”

He added that it was Kennedy Wil­son’s view that US tech giants in­vest­ing in Dublin such as Google, Face­book, Ap­ple, Mi­crosoft and Dell, all have what he de­scribed as “a very long run­way of growth in front of them”.

Mr Mc­mor­row made his com­ments on the out­look for Kennedy Wil­son’s Dublin port­fo­lio in the course of a con­fer­ence call with an­a­lysts fol­low­ing the pub­li­ca­tion of the com­pany’s lat­est quar­terly re­sults.

Ear­lier this week, Kennedy Wil­son an­nounced the com­ple­tion of its Cap­i­tal Dock de­vel­op­ment in Dublin’s South Dock­lands.

Ex­tend­ing across an area of 4.8 acres, the scheme in­cludes over 690,000 sq ft of new mixed-use space in­clud­ing of­fices, re­tail, apart­ments, and a 1.5 acre pub­lic park.

Growth: Bill Mc­mor­row

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