O’Flynn to gain control of 500 acres in deal

Cork-based property developer Michael O’Flynn will gain control of around 500 acres of developmental site assets in Ireland and the UK as part of the resolution of his long-running legal dispute with US private equity firm Blackstone Capital.

The agreement will see an effective split of the O’Flynn Group’s portfolio of assets, with Blackstone gaining ownership of most of its investment assets, which have existing rental incomes attached, including Cork’s landmark Elysian apartment complex.

Mr O’Flynn, meanwhile, will acquire most of the group’s development assets; a move which will allow him to begin developing new residential property and commercial building projects in Ireland — Cork and Dublin, in particular — and the UK.