Tiger splashes out €100m

IRISH property investment vehicle Tiger Developments is earning its stripes in Britain, with €100 million in recent acquisitions.

The joint venture company between Goodbody Stockbrokers and O’Flynn Construction has invested more than €100 million in the British property market over recent weeks.

Purchases include investment properties in Stockton-on-Tees, Harrow and London’s Docklands, worth €60m, as well as three development opportunities with end values in excess of €44m.

Tiger Developments, headed by managing director Michael O’Flynn who guides its purchases, was set up in 1999, but came to prominence with a e180m British portfolio swoop in 2002 from Credit Suisse.

“Our acquisitions over the past few weeks further advances the ongoing expansion of the Tiger portfolio,” said Mr O’Flynn. The bullish advances underline the strength of Irish property investment in Britain in the last several years.

Over e2 billion was invested in 2003 and investment is likely to stay strong this year thanks to a 9% commercial property transaction tax in the Republic.

Tiger Developments describes itself as a broadly- based property company, seeking secure income and capital appreciation in purchases and asset management.

Its latest acquisitions include the freehold investments in five offices and one mixed-use building in Teesdale Business Park, Stockton-on-Tees. It was bought for £13.5m, with a net initial yield of over 9%.

Tiger has also purchased Lyon House, Harrow, in Greater London, a seven- storey office building let to the Secretary of State for the Environment at an annual rent of £31.2m.

The three development opportunities are in Guildford, Windsor and London.