Posted on Tuesday 31 July 2018 by Ulster Business
One of Londonderry’s most prominent business families has entered into a major multi-million pound business partnership with a former adviser to Lord Sugar, writes Ryan McAleer.
Brendan Duddy Jnr and his brother Lawrence, of the Duddy Group, have joined Propiteer Ltd to acquire both the former Nambarrie Tea Building in Belfast and the Ibis Red Cow hotel in south Dublin.
The former factory has been bought for around £2.5m with full planning permission for 56 residential apartments, as well as retail units.
It’s understood the recently refurbished 150-bedroom Ibis hotel, which lies on the outskirts of Dublin, was bought earlier this month for around €14m (£12.5m).
The brothers are the sons of Brendan Duddy Snr, considered one of the most significant figures in brokering the peace process here.
Mr Duddy died last year at the age of 80.
Propiteer describes itself as a club “exclusively for high net worth, commercially aware and sophisticated investors”.
A spokesman for the company confirmed yesterday that the brothers behind the Duddy Group were now in business with Colin Sandy, the former finance director at Lord Sugar’s Amshold, and Tom Dalton, the former chairman of Laing O’Rourke, the global construction firm behind projects including Heathrow Terminal Five and Eurodisney.
Propiteer has revealed that the acquisition of the Nambarrie building and the Ibis hotel was financed by £34m of debt funding from Fairfield Real Estate Finance “alongside refinancing of other Propiteer assets”.