herald

Sunday 4 December 2016

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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