Clyde Real Estate (CRE) — the commercial property company launched last year by entrepreneur, businessman and former Irish presidential candidate Sean Gallagher — has confirmed it has so far raised more than €25m (£17.7m).
The firm, founded by the panellist on RTÉ’s Dragon’s Den to capitalise on growing office demand in Dublin and across Ireland, has recently acquired the 300,000 sq ft Alcatel-Lucent complex in Dublin’s Blanchardstown. The sale was the country’s largest first quarter commercial transaction and comes after property purchases in Dublin, Carlow and Louth.
Gallagher, a runner up in the 2011 Irish presidential election, has teamed up with telecoms magnate Colm Piercy, who runs European communications group Viatel, to form CRE. As well as founder investment and bank loans its €25m war chest has been topped up by an unnamed US private equity player.
“Clyde Real Estate is a business-led property venture that has been founded by experienced business builders,” Gallagher told the Irish Independent. “Each of us has grown our own technology companies and we feel uniquely placed to understand the flexible and high specification accommodation needs of modern business.
“We are focused on acquiring substantial office and commercial properties which will be made available to meet the growing needs of indigenous Irish companies, corporates and multinational firms seeking to establish or expand their operations here,” he added.
Another significant investment has been CRE’s acquisition of the landmark Braun facility in Carlow from multinational Procter & Gamble. It now intends to develop the 30-acre site into a dedicated corporate and technology park for the south east of Ireland.
Among the tenants it has inherited through the purchases are several household names including Citibank, Alcatel-Lucent, Viatel, Ask.com and Paragon Global Resources.
Callagher admitted his company was also close to signing a number of other deals which will give CRE a portfolio of office and commercial space not far short of one-million sq ft.
“Clyde is in talks with a number of other private equity and institutional funders on financing further acquisitions after it beds down its first round of commercial property deals,” said the 52-year-old Gallagher. “We are also likely to raise a larger sum from backers for property buyouts in Ireland and overseas markets.”
In 2002, Gallagher co-founded Smarthomes, a home technology business. The company went on to win numerous awards for innovation including the InterTradeIreland-Seedcorn competition in 2004, the Deloitte Fast 50 Award in 2005, and the Small Firms Association Award 2005. Gallagher was also a finalist in the 2006 Ernst & Young Entrepreneur of the Year Programme.
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