The Irish Times has learned that Paddy McKillen jnr's Press Up Entertainment pub and restaurant group has joined with a unit of US real estate firm Rockefeller Group and Core Capital to purchase and redevelop the former Clerys department store on Dublin's O'Connell Street in a deal worth approximately €63 million.
According to The Irish Times, Rockefeller's majority-owned Europa Capital is understood to be the lead investor in the three member group, which signed contracts this week to acquire Clerys from former owner Natrium. The group's third member, Core Capital, is a family office for private investors.
Entertainment And Hotel Assets
It was reported in July that Press Up was negotiating the acquisition of the Clerys premises from Natrium for upwards of €60 million and, with this new joint venture with Europa Capital and Core Capital, it is expected that McKillen jnr's company will be responsible for the entertainment and hotel assets in the redeveloped property.
© 2018 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.
