Dunne seals €260m deal for site
After signing off on the most expensive land deal in the history of the state Mr Dunne insisted he was still keeping “all his options open” on the 28% stake in the hotel chain.
That stake cost him a further €200m to accumulate and if he sold now it would net him €20m in profits. At this stage a consortium led by the daughters of the late PV Doyle have bid €18.90 for the Jurys Doyle chain but Mr Dunne who was a counter bidder to the Doyle’s was outflanked in the bidding process.
Pressed about his intentions regarding his Jurys investment, built up during the takeover battle, Mr Dunne said: “I know the value of the company because I have looked at it very closely and it is very clear to me there is embedded value for shareholders over €18.90.”
Asked again if he was really serious about staying in long term Mr Dunne flanked by the chairman of Jurys Doyle, Richard Hooper, and chief executive Pat McGann, said: “I’ll put it to you this way, I’m in a position to stay in it for the long term.”
Mr Dunne said he was not short of money and immediately indicated his intention to bid for the Berkeley Court Hotel site which is to go to tender immediately, Mr McGann, confirmed yesterday.
They were speaking after the signing of the deal for the 4.8 acre site at the offices of solicitors Arthur Cox in Dublin.
The sale had been delayed because Mr Dunne’s financial backers demanded more time on due diligence before supporting it.
In a wide ranging interview, Mr Dunne insisted his 28% stake in the hotel chain would not be used as a bargaining tool to gain control of the Berkeley Court site that may be worth well over €100m.
On his plans for the Ballsbridge site, the most expensive land deal ever in the history of the state at €57m an acre, Mr Dunne said he would seek an international group of architects to draw up the plans, who would then link with an Irish firm of architects to see the plans through to development.
Given it is close to the city centre Mr Dunne said he was going for “high rise” because that was what was needed.
Initially it was reported that Mr Dunne intended to go up 38 storeys and he said yesterday that the final plan could be 40 storeys high.
He did not rule out the possibility of bidding for the Veterinary College adjacent to Jurys Ballsbridge to co-opt into the Ballsbridge development.
And if he loses out in the bidding war he insisted whoever buys it would need to link up with him in order to get the full value for their investment.
CONNECT WITH US TODAY
Be the first to know the latest news and updates
