A consortium led by property developer Bernard McNamara is to pay €412m for the site of the former Ringsend glass making plant in Dublin.
The owner of the site, South Wharf, announced details of the agreement to the stock exchange this morning.
The Becbay consortium submitted the highest bid following a tender process. Mr McNamara owns 41% of Becbay, while Derek Quinlan has a 33% stake. Dublin Docklands Development Authority owns the remaining 26%.
Under the deal, Becbay will buy 100% of South Wharf, with Dublin Port receiving €138m and South Wharf shareholders the remaining €273.5m. South Wharf says each shareholder is expected to receive just over €7 per share. The shares closed at €6.90 in Dublin on Thursday. The deal is subject to shareholder approval.
Because the transaction involves taking over a company, Becbay will pay only 1% stamp duty and not the normal 9%.
In June, South Wharf reached agreement with Dublin Port on a dispute over the site. This led to the tender process. The 25-acre site is occupied under long leases by South Wharf.
South Wharf shares closed up ten cent at €7.00 on the ISEQ this evening.
