O’Brien moves to stop BT Communications exiting 25-year lease

Media mogul Denis O’Brien has brought a High Court action aimed at preventing BT Communications Ireland Ltd exiting a 25-year lease on a property at Dublin’s Grand Canal Quay.

The lease contains an upward only rent review clause and more than €35m could fall due for rent over the 25-year term, the businessman claims.

The lease began in April 2001 and BT served 12 months’ notice in May last year of its intention to exercise an option to surrender it. Mr O’Brien claims that option has not been validly exercised.