Ulster Bank received close to €220 million for its near 25 per cent stake in Jurys Inns just over a year after valuing its shareholding at zero, the Sunday Independent reports.
Private equity group Lone Star bought the hotel group for about €900 million earlier this year. Ulster Bank had become a shareholder in the group in 2013 following a debt-for-equity deal, agreed after a lengthy restructuring process.
The climb in the value of its stake indicates the steady ascent in the value of hotel and other property assets as the economy recovers, the paper says.
IBRC could have sold Siteserv for more to Denis O’Brien, Noonan told
Department of Finance officials told Minister for Finance Michael Noonan that Irish Bank Resolution Corporation (IBRC) could have got a bigger payback from the sale of Siteserv to businessman Denis O'Brien, if the bank had not allowed the company to control the sale process, according to the Sunday Times.
IBRC sold Siteserv at a loss to the State of €105 million in 2012. A memo released to the newspaper under the Freedom of Information Act outlined several aspects of the deal that caused concern to the officials, including connections between Siteserv and the successful bidder, Millington, an Isle of man firm controlled by Mr O'Brien.
Knock Airport needs €35m to upgrade 30-year-old facilities
Knock Airport needs €40 million in a package of State supports, according to a Deloitte study seen by the Sunday Business Post. The report says that some €35 million will be required to upgrade the 30-year-old airport's facilities, with €32 million of this requested from the Department of Transport.
It has also sought more than €7 million from seven local authorities in return for a 17.5 per cent stake in the airport. The privately owned airport is currently hampered by crippling debt and needs long-term investment to upgrade its runway and passenger facilities.
Deloitte was commissioned to carry out a due diligence exercise on the airport’s books for the local councils.
Tesco expected to pump about £250 million into its pension scheme
Tesco is to pump hundreds of millions of pounds a year into its massive pension scheme in an attempt to plug a black hole, reports the Sunday Telegraph. The move will pile further pressure on the stretched finances of Britain's biggest retailer, the newspaper notes.
The supermarket chain is expected to inject about £250 million into its pension scheme every year as it battles to control a growing deficit approaching £5 billion. The plan is likely to be unveiled on Wednesday, when it is due to publish its annual results. These will show the biggest loss in the company’s 96-year history.
Clarendon Properties and Tetrarch Capital in bid war over Clerys
Clarendon Properties, the owner of the Jervis and Powerscourt Townhouse shopping centres in Dublin, and investment group Tetrarch Capital have both put in second-round bids for more than €20 million for department store Clerys, according to the Sunday Times.
A Chinese bidder is also said to be in the running for the landmark O'Connell street store, which is being sold by US investment group Gordon Brothers. The newspaper says it understands the owner, which bought Clerys via a bank receivership sale in 2012, may move fast to select a preferred bidder.
