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 Post subject: Brian O'Donnell - NAMA panel - BofI legal
PostPosted: Thu Oct 01, 2009 8:41 am 
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I wonder if NAMA will end up owning these loans.

Quote:

Couple staring at €20m loss on offices in London

By Donal Buckley


Thursday October 01 2009

AN Irish couple who bought a London office block at the height of the property boom face losing up to €20m on their investment.

Dublin solicitor Brian O'Donnell and his doctor wife Mary Patricia are trying to cash in on the green shoots in the London property market by selling off the office block for more than €170m (£155m).

However, the couple, who are estimated to have amassed a property portfolio of more than €1bn at the market peak, are still likely to suffer a considerable loss on the London sale.

Their company, Vico Capital, bought the offices, known as Sanctuary Buildings, for £170m in 2006. Not alone is their latest asking price £15m lower, but, furthermore, sterling has fallen in value by almost 10pc over the three years since they bought it.

...

The office block was the O'Donnells' third major purchase in London within a 16-month period during 2005/06, when they also acquired two properties in Canary Wharf -- 17 Columbus Courtyard, for £125m, and 15 Westferry Circus, for £140m. Among the other properties they own are 2099 Pennsylvania Avenue, a seven-year-old office development near the White House in Washington, USA. They bought it for €172.5m in 2007.

The 'Sunday Times' ranked the pair at 178 in its 2009 Rich List and estimated their net wealth, after borrowings are deducted, at €46m. Mr O'Donnell heads corporate law firm Brian O'Donnell & Partners.

>>>



Last edited by grumpy on Wed Jan 19, 2011 12:45 pm, edited 1 time in total.
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 Post subject: Re: Couple staring at €20m loss on offices in London
PostPosted: Thu Oct 01, 2009 8:47 am 
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Posts: 31893
Location: Tullamore
Did they buy everything at peak? I would say they probably have negative net wealth.

_________________
"It is impossible to design a system so perfect that no one needs to be good."

So long and thanks for all the fish.


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 Post subject: Re: Couple staring at €20m loss on offices in London
PostPosted: Thu Oct 01, 2009 9:01 am 
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More peak purchasing...

From March 2007

Quote:
Keops Sells Property for 2.66 Billion Kronor to Vico Capital


By Christian Wienberg
March 30 (Bloomberg) -- Keops A/S, a Danish real estate
investment company, sold property in Stockholm for 2.66 billion
Swedish kronor ($379 million) to redeem bonds as interest rates rise.
Keops sold the Fatburen office complex to Dublin-based Vico
Capital, the Copenhagen-based company said today in a statement.
Keops paid 2 billion kronor for the real estate in May 2005.
Keops has financed part of the 23 billion kronor it has
spent on buying Swedish property since 2004 through bonds. Keops
will sell property this quarter for 8.5 billion kronor as
borrowing costs rise, Dagens Industri quoted Chief Executive
Officer Ole Vagner as saying on Jan. 30.
Earlier this month, Keops sold apartment blocks in Sweden
for 2.73 billion kronor.
Keops said the two March sales will generate pretax profit
of about 90 million kroner.


Anyone know who was financing this? Please let it be an Icelandic bank.


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 Post subject: Re: Couple staring at €20m loss on offices in London
PostPosted: Thu Oct 01, 2009 9:10 am 
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From Vico's own website

http://www.vicocapital.com/Press_Room.html

Quote:
Estates Gazette / 28th June 2008
Irish Buyer Sets Office Record in Washington

Irish Solicitor Brian O'Donnell has paid a record-setting $172.5m (£86.9m) for an office building in Washington DC.

O'Donnell's Vico Capital set a record of $867 (£436.60) per sq ft with its acquisition of the 199,000 sq ft property on Pennsylvania Avenue. The previous record in the American capital was $827 per sq ft.

The seven-year-old building - located a few blocks from the White House - is let to law firm Holland & Knight, merchant bank Perseus and Fortune 500 investment company Danaher Corporation.

In the UK, Vico owns the Sanctuary Buildings at 14-26 Great Smith Street, SW1, and 17 Columbus Courtyard and 15 Westferry Circus, both in E14.

Vendor German fund Capital Holdings GmbH was unrepresented.



All of their purchases seem to be from 2005 onwards. Savvy.


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 Post subject: Re: Couple staring at €20m loss on offices in London
PostPosted: Thu Oct 01, 2009 9:14 am 
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Posts: 2107
verbatim wrote:
From Vico's own website

http://www.vicocapital.com/Press_Room.html

Quote:
Estates Gazette / 28th June 2008
Irish Buyer Sets Office Record in Washington

Irish Solicitor Brian O'Donnell has paid a record-setting $172.5m (£86.9m) for an office building in Washington DC.

O'Donnell's Vico Capital set a record of $867 (£436.60) per sq ft with its acquisition of the 199,000 sq ft property on Pennsylvania Avenue. The previous record in the American capital was $827 per sq ft.

The seven-year-old building - located a few blocks from the White House - is let to law firm Holland & Knight, merchant bank Perseus and Fortune 500 investment company Danaher Corporation.

In the UK, Vico owns the Sanctuary Buildings at 14-26 Great Smith Street, SW1, and 17 Columbus Courtyard and 15 Westferry Circus, both in E14.

Vendor German fund Capital Holdings GmbH was unrepresented.



All of their purchases seem to be from 2005 onwards. Savvy.


Wo-hoo a record!!

We're number one! We're number one!

You'll neeeevvvver beat the Irriisshh!!

_________________
"Bankruptcies of governments have, on the whole, done less harm to mankind than their ability to raise loans."- R.H. Tawney, Religion and the Rise of Capitalism, 1926

"By a continuing process of inflation, government can confiscate, secretly and unobserved, an important part of the wealth of their citizens.- John Maynard Keynes, Economic Consequences of Peace


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 Post subject: Re: Couple staring at €20m loss on offices in London
PostPosted: Thu Oct 01, 2009 9:16 am 
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Joined: Sep 13, 2007
Posts: 31893
Location: Tullamore
"Dedication, dedication, dedication,
That's what you need,
If you wanna be the best,
If you wanna beat the rest,
Dedication's what you need,
If you wanna be a record breaker"

Child in audience: Dear Norris and Ross, who are the dumbest investors in the world?
Norris: That would be a bit of a toss up between the Icelanders and the Irish, wouldn't it Ross?
Ross: [dead, makes no reply]

_________________
"It is impossible to design a system so perfect that no one needs to be good."

So long and thanks for all the fish.


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 Post subject: Re: Couple staring at €20m loss on offices in London
PostPosted: Thu Oct 01, 2009 9:20 am 
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Joined: May 13, 2008
Posts: 2175
Location: Dublin
yoganmahew wrote:
"Dedication, dedication, dedication,
That's what you need,
If you wanna be the best,
If you wanna beat the rest,
Dedication's what you need,
If you wanna be a record breaker"

Child in audience: Dear Norris and Ross, who are the dumbest investors in the world?
Norris: That would be a bit of a toss up between the Icelanders and the Irish, wouldn't it Ross?
Ross: [dead, makes no reply]

:lol: :lol: very good YM. Brings back memories. Roy Castle is dead too of course


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 Post subject: Re: Couple staring at €20m loss on offices in London
PostPosted: Thu Oct 01, 2009 9:28 am 
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Posts: 14892
http://www.vicocapital.com/About_Us_History.html

Quote:
History
2007

In March 2007 Vico Capital, acquired Fatburen in Stockholm for a consideration of SEK 2.660 billion(£194 million) from Keops, the Danish listed company. Fatburen, completed in 2005, is a landmark office building in Stockholm with a net lettable area of 520,000 sq ft approximately. Fatburen is fully let with 93% of the offices occupied by State tenants including the Swedish Tax Authorities which use the building as its headquarters.

2006

In August 2006 Vico Capital acquired Sanctuary Buildings, 14-26 Great Smith Street, London SW1 for £170 million. Sanctuary Buildings is a premium modern office headquarters building of 227,000 sq ft approximately with a classical façade. The entire building is let on a long lease to the Crown as the headquarters of the Secretary of State for Education & Skills.

2005

In October 2005 Vico Capital acquired 17 Columbus Courtyard, Canary Wharf, a long let landmark investment. 17 Columbus Courtyard provides 200,000 sq ft of premium office space and is let in its entirety to Credit Suisse. The transaction size was £121 million approximately.

In May 2005 Vico Capital acquired 15 Westferry Circus, Canary Wharf, a long let landmark investment. 15 Westferry Circus provides 175,000 sq ft of premium office space and is let in its entirety to Morgan Stanley. The transaction size was £135 million approximately.

In addition, Vico Capital has been active in the Irish market and has made a number of acquisitions during the past year.


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 Post subject: Re: Couple staring at €20m loss on offices in London
PostPosted: Thu Oct 01, 2009 9:31 am 
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Finalists for the Irish Property Awards 2008 -> http://www.independent.ie/business/comm ... 44064.html

Quote:
INTERNATIONAL PROPERTY ACHIEVEMENT: Ballymore, Quinlan Private, The Chicago Spire Project, Shelbourne Developments, Treasury Holdings, Vico Capital


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 Post subject: Re: Couple staring at €20m loss on offices in London
PostPosted: Thu Oct 01, 2009 9:34 am 
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http://www.independent.ie/opinion/analy ... 34156.html

Quote:
Brian O'Donnell Dublin-based commercial lawyer Brian O'Donnell and his wife Mary Patricia have been blazing a trail in the London property market of late and last year bought a 175,000 sq ft block in Canary Wharf for €195m with backing from Deloitte Corporate Finance, Anglo Irish Bank and Lehman.

They also own substantial property in Dublin, including the Merrion Square headquarters of his law firm, Brian O'Donnell & Partners, which he set up in 1999 after leaving William Fry.

Last Friday, O'Donnell's investment firm Vico Capital sealed a deal to buy a London office lock for €252m. Their portfolio also includes an office block off Merrion Square which is rented to the ESB and other retail and office premises in the city centre.

Apart from property, O'Donnell still has a lucrative business in corporate law and has recently advised on the sale of the Meath Chronicle to Dunfermline Press and the sale of the Midland Tribune to Alpha Newspapers. In the past, he has worked on the MBO of the Mater Private, the takeover of Wedgwood by Waterford Glass and the privatisation of Irish Life.



Backed by Anglo and Lehman. Those two banks wouldn't have let Mr O'Donnell do anything stupid.


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