Morning business news - January 17Friday 17 January 2014 10.36
Property investors, developers and estate agents around Europe were asked by the Urban Land Institute and PwC to assess investment opportunities in 2014 and they picked Dublin as the second most attractive real estate market in Europe.
The report finds that 51% of respondents to a survey of 500 of them see good buying opportunities in Ireland.
Joe Montgomery, chief executive of Urban Land Institute Europe, said there had been a substantial return of optimism to the country’s property market.
“There’s a higher appetite for risk, a real keenness to pursue investment opportunities that demonstrate value and a prospect of return and, probably most importantly, people are more willing to look away from perceived safe havens like London to get good value and returns”, he said.
Mr Montgomery said the country was attractive in part because of the ease with which people can do business and undertake property transactions.
He said there was also a perception of good value in the market, particular in the commercial sector.
“There is realism about the scale of the Irish market in comparison to the bigger European centres, but our investors are still interested in Ireland”, he said.
“People see 2014 as a year of real opportunity.”
The National Pension Reserve Fund and China Investment Corporation are putting $100 million dollars between them into a new fund.
The China Ireland Technology Growth Capital Fund will invest in fast-growing Irish start-up technology companies trying to expand into China. It will also invest in their Chinese equivalents looking to set-up in Ireland with view to expanding into Europe.
WestSummit Capital Management, a China-based technology investment firm with offices in Beijing, Silicon Valley and Hong Kong, will manage the fund alongside Dublin-based Atlantic Bridge.
SIAC, the hundred year-old Irish construction firm, will seek court approval for a scheme of arrangement that will see the company emerge from examinership.
Examiner Michael McAteer of Grant Thornton has agreed a deal involving new investment from the Feighery family, majority shareholders in SIAC, alongside Martin Maher the company's chief executive and other senior managers.