A unit of the Rockefeller Group has joined up with Paddy McKillen jnr’s Press-Up Entertainment to buy and redevelop the former Clerys department store in Dublin in a deal worth about €63 million, The Irish Times has learned.
Separately, Press-Up, the country’s largest and fastest-growing pub and restaurant group, has decided to mothball plans for a stock market flotation, according to market sources. The Irish Times had previously reported that the company was considering raising as much as €60 million in an initial public offering (IPO).
New York-based real-estate firm Rockefeller Group’s majority-owned Europa Capital is understood to be lead investor in a three-member group that signed contracts this week to acquire the landmark Clerys building on O’Connell Street, from a consortium called Natrium.
Natrium, led by businesswoman Deirdre Foley, bought the department store for €29 million from US group Gordon Brothers in June 2015 under controversial circumstances that resulted in the loss of 460 jobs. Natrium is a joint venture between Ms Foley’s investment firm D2 Private and UK-based fund Cheyne Capital Management.
Press-Up was previously reported to be in exclusive talks to buy Clerys. The third member of the group is a family office for private investors, called Core Capital.