McNamara Group To Make €300m At Irish Glass Site

The Bernard McNamara-led consortium buying the former Irish Glass bottle site in Dublin for €412m expects to make a pre-tax profit of almost €300m from the development of the 25-acre Ringsend site, write Joe Brennan and Ciaran Hancock.

Documents circulated to Davy private clients with a view to raising a €52.25m loan note to augment McNamara’s own initial €5m outlay, forecast a €1.8 billion total projected turnover for the project.

The current plans are for 2,166 apartments, costing between €500,000 and €850,000, and 826,000 sq ft of retail and commercial space.

The Davy loan note will carry an annual interest rate of 17%, payable on maturity of the seven-year term of the financing arrangement. However, McNamara has an option to pay off the debt after two years, with the Davy investors getting a minimum 40% return.

McNamara owns 41% of the vehicle, called Becbay, which is being used to buy the property via the acquisition of South Wharf, a Dublin-listed company whose sole asset is the former glass bottle factory site.

Financier Derek Quinlan has emerged as a 33% shareholder in Becbay, while the Dublin Docklands Development Authority holds the remaining 26%.

The total equity outlay will amount to €135.9m, while Anglo Irish Bank is being lined up to provide the €288.4m of senior debt needed to complete the transaction.

The McNamara development will border a scheme currently being progressed through planning by rival developer Liam Carroll.

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600450 McNamara Group To Make €300m At Irish Glass Site
Date: 13 November 2006

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