Dairygold Co-op’s property deal with Reox to turn debts into assets

Dairygold Co-op has acquired Reox Property Assets in a transaction which allows the north Cork dairy processor to turn its former debts into capital assets.

Dairygold has described its debt-for-asset swap transaction agreement with Reox as a “win-win” for all parties, resolving an issue which has been hanging over the co-op since Ireland’s property sector crashed six years ago.

The portfolio of 18 properties acquired by Dairygold includes development assets at South Terrace, Cork City; Kinsale Road, Cork; Long Mile Road, Dublin; Annacotty, Co Limerick; and one overseas holding in Ilminster, in Somerset, England.