Top property firms’ €30m merger

THE country’s leading property management and facilities management companies have been snapped up by a group of private investors in two deals believed to be worth €30 million.

Irish Estates Management, which controls 25% of the office property management market, will be merged with Vector, which has a 10% share of the facilities management sector, to create a business that employs 180 people and manages property covering 30 million square feet.

The merged company will be controlled by a consortium headed by Niall McFadden, a director of Arnotts and Riverdeep, and which will be 50% owned by a group of 10 institutions, which include Bank of Ireland Asset Management, Davy and Gartmore.