Geographical re-shuffle for Howard Holdings

IRISH and international property group Howard Holdings, with up to €3 billion in developments worldwide, has re-organised, with key directors taking up asset ownership and control on a geographical basis.

The changes at the company — which has projects in train in Ireland, Britain, other parts of Europe and South Africa — has completed a restructuring, with the changes take effect from October 1.

Howard Holdings plc has moved to new offices in Cork city, in its €100 million City Quarter office and hotel scheme, and 16 people work from this base, according to chief executive Greg Coughlan who has relocated to Cork from London.

Current Howard chairman Frank Gormley “will pursue his business interests in Dublin, the north of England, Europe and South Africa, under the title of Howard Europe,” according to a company statement.

The other main shareholders, Brian Murtagh, who is managing director of the Kingspan building materials group, with Brian Madden and Greg Coughlan will continue operations in Cork, the south-east of England, Spain/Mallorca, Italy and Poland.

The group was founded in the early 1990s in London, and has expanded rapidly in recent years into Europe and especially South Africa, drawing major Irish investment to that region.

It targets opportunities in both greenfield and brownfield sites, and sees opportunities to develop existing products, such as its €140m joint purchase of the Wilton Shopping Centre in Cork, which is being ‘masterplanned’ for further mixed use and retail development.

Howard are to officially open their Polish operations office, Howard Property Polska Ltd, in Krakow next Thursday. Largely staffed by Polish professionals, it will oversee a number of developments in four locations, totalling over 2,000 residential units and other uses.

“These changes are intended to reflect the directors’ desire to separately pursue development projects in different geographical areas. Both companies shall maintain a close relationship through retention of existing mutual investments,” said the statement.

In Ireland, Howard has been involved in joint ventures with Fingal County Council, and has become one of Cork’s lead developers.

It has huge Cork docklands ambitions, and has been negotiating on pivotal sites to fulfil its ambitions to be the principal developer, delivering over 2,000 residential units within walking distance of the city centre.