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Seen and Heard: Debenhams set for lease ‘battle royale’

Landlords will oppose any attempts to repudiate rent guarantees

Providence Resources chief executive Tony O’Reilly jnr: faces shareholder “ultimatum” over Barryroe prospect. Photograph: Cyril Byrne
Providence Resources chief executive Tony O’Reilly jnr: faces shareholder “ultimatum” over Barryroe prospect. Photograph: Cyril Byrne
Sun May 15 2016 - 20:16

The Sunday Independent says a "battle royale" is shaping up over lease guarantees given by the UK parent company of Debenhams Retail (Ireland). The group's Irish operations entered examinership last week, putting up to 2,200 jobs at risk. The paper says its landlords will oppose any attempts to repudiate the guarantees.

Kennedy Wilson raises rents 40% in three years

Kennedy Wilson, a US institution that has invested heavily in the Irish residential property, has increased rents for tenants by up to 40 per cent in under three years, according to the Sunday Times. Bill McMorrow, its chief executive, told analysts rents at its Clancy Quay development in Dublin were up 35 per cent since 2013 and are up 40 per cent at Central Park in Leopardstown. The company defended the rent rise and said it bought the developments at a time when rents were "extremely low".

O’Callaghan in talks on international school

The Sunday Times also reports that Barry O'Callaghan, the former investment banker who once ran educational publisher Houghton Mifflin Harcourt, is in talks with an academic partner about opening an international school in Dublin.

Providence Resources shareholder ultimatum

Tony O'Reilly jnr, chief executive of troubled oil explorer, Providence Resources, has been given an "ultimatum" by disgruntled shareholders, according to the Sunday Independent. It said the minority group of shareholders would try to remove him if a deal to farm out its Barryroe prospect was not in place by the end of the month.

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IHalf of DA lease properties vacant

Half of the properties leased by the IDA are currently vacant, according to the Sunday Business Post. About 28 of its 56 units are unoccupied, with more than 2,300sq m of commercial space lying idle, the paper says.

Musgrave buys Bain Capital distressed loans

Musgrave, the wholesaler that owns SuperValu and Centra, has bought distressed loans from Bain Capital secured on 14 stores around the country, according to the Sunday Business Post. It says the loans were originally granted by Ulster Bank, but were sold to Bain's Sankaty as part of the scale-back in Irish assets of Ulster's parent, Royal Bank of Scotland.