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Thursday 24 August 2017

Clerys sold for the second time in three years

Clerys
Clerys

The Clerys Department Store in Dublin has been sold for the second time in three years to a team including Deirdre Foley of Irish property firm D2 Private.

Boston based investors Gordon Brothers bought Clerys from long time owners the Guiney family in 2012 for €13.6m. They have now sold the historic property, which faced the GPO on Dublin’s O’Connell Street, to  Natrium Ltd, which is a joint venture between D2 Private and UK based Cheyne Capital Management. The bid was backed US financiers Quadrant Real Estate Advisors.

The deal comes just weeks after a big money battle for control of the nearby Arnotts Department Store saw investor Noel Smyth emerge in control of the business.

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