Savills are bringing a new residential and commercial investment opportunity to the property market this morning. Brehon Capital is the group behind the sale of the Marker Residences as well as six fully occupied commercial units.
Kevin McGillycuddy, Managing Director of Brehon Capital, explained that the 84 two-bedroom luxury apartments were being sold as a single lot. "We anticipated the emergence of this multi-family class of asset for which there is significant investor demand. The properties are professionally owned and professionally managed which offers flexibility to the client to move in and out." Brehon expect significant demand for the asset given that it is 100% occupied. "We have already received interest before putting it on the market, both from overseas and domestic investors. We always envisaged selling the apartments at this juncture, either individually or as a lot."
Kevin McGillycuddy said there were signs that domestic investor demand was improving and maturing. "It's taking on different forms like the REITS that have recently floated," he explained. Brehon plans to hold onto the Marker Hotel and continue to operate it for the long term. It also hopes to expand its business in the next decade.
"We manage assets of €350m plus. We'd like business to expand three fold in 10 years time. We've been attracting many international investors who have approached us in the past several months," he concluded.
MORNING BRIEFS - Economic crime continues to be a problem for Irish business, according to a report from PwC with cybercrime emerging as the main threat. A quarter of Irish businesses experienced some level of economic crime in the past two years. That compares to an average of 35% across Western Europe and 37% globally. Cybercrime, mortgage fraud and money laundering all recorded increases.
*** Manufacturing growth improved very slightly in China last month, according to the latest data from HSBC. The index came in at 48.3, just marginally above the 48 recorded in March, but still below the 50 break-even point. Analysts believe the economy has yet to respond to the limited stimulus efforts announced by the premier focusing on railway spending and tax cuts. The yuan fell to a 16 month low on the publication of the index.
*** The Australian dollar also fell overnight. That was in response to the publication of data showing that inflation fell to a surprisingly low level of 0.6% last quarter.
*** Apple and Facebook report first quarter results later tonight which will be closely scrutinised in light of the recent sell off of tech stocks on Wall Street. Apple shares have fallen over 5% this year and are 24% down on their all time high of September 2012. Today's results are expected to show revenue flat for the first time in a decade. Profit is estimated to be down 5%, making it the sixth quarter in a row with little or no gains. Facebook is also expected to produce results showing a slowdown in its recent fast pace of revenue growth. It is the first reporting quarter since the social media company bought messaging service WhatsApp and virtual reality company, Oculus VR.