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One More Thing - Conlon US real estate offerings tempt big hitters.
Ciaran Hancock reports on Blue Ocean, airport charges, US real estate, Shannon airport redundancy package and Irish Life and Permanent's David Went.
Conlon US real estate offerings tempt big hitters
If, like property moguls Gareth Kelleher, Paddy Kelly and Niall McFadden, you believe that investing in real estate in the United States is a good move, then you might want to get yourself along to the Berkeley Court Hotel on Wednesday morning for the breakfast launch of Conlon & Co.
The investment and development company is a joint venture between Kildare-born Seán Conlon and Dublin-based Investor First, which is run by accountant James Carroll.
Conlon has carved a successful niche for himself in real estate in the US. He runs Connaught Real Estate Finance, a mezzanine fund management business; Near North National Title, a title insurance company that processes more than $5.5 billion (€4.1 billion) worth of transactions a year; and Sussex & Reilly, a brokerage with 300 staff.
Investor First was founded by Carroll five years ago and has supported property deals worth about €400 million, most of them outside Ireland.
The new company has a number of interesting projects in its sights.
It is believed to be in discussions with a local player with a view to opening private hospitals in Mexico and the Dominican Republic for American patients who want speedy and cost-effective treatments and operations.
Conlon & Co is also close to tying up some retail and hotel deals in Chicago and is eyeing a 200-acre site in Florida that it would mine for sand and aggregates before establishing a residential development.
There are a number of attractions to investing in US real estate. Commercial property has made a small comeback over the past two years in the US and yields there are higher than in Ireland or most of Europe. The euro also remains strong against the dollar.
Breakfast is served at 7.30am and the great and good of Irish banking and private equity are expected.
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