Bidder identified for South Wharf/Dublin Port Ringsend property

South Wharf plc and Dublin Port Company have confirmed that a tenderer to buy their Ringsend property has been identified.

Under the tender process, third parties were invited to tender to acquire the Ringsend property through acquiring 100% of the issued share capital of the company.

The tender price is €412m, representing the highest tender received.

If completed, the process will result in Dublin Port receiving 33.6% of the tender price and in South Wharf shareholders receiving 66.4% of the tender price, less deductions.

The deductions (which have not yet been finalised) will be used to pay expenses incurred by the South Wharf group in connection with the proposals and in connection with the settlement of the litigation proceedings between South Wharf and Dublin Port Company and to discharge the debts and liabilities of South Wharf.