Beauparc acquires Royal Hibernian Way for €74m

THE founder of the State’s largest waste company, Beauparc Utilities, has agreed a deal which will see him acquire Royal Hibernian Way on Dublin’s Dawson Street for €74 million.

Beauparc founder Eamon Waters, is understood to have exchanged contracts on the transaction with the scheme’s owners, Aviva Investors.

Royal Hibernian Way is the location of Davy Stockbrokers head office, the 8,630 sq m scheme also includes around 1,950 sq m of retail and hospitality space.

Ballymount company Beauparc, the owner of waste operator Panda and Greenstar, has seen massive profits in waste collection propel the group towards a €1.3bn sale to Macquarie Infrastructure and Real Assets (Mira).

Mr Waters’ purchase of Royal Hibernian Way comes just weeks after he and US private equity firm Blackstone secured the sale for €1 billion of Beauparc Utilities to Australian financial services giant Macquarie.

The deal for the company which owns the Panda and Greenstar waste firms in Ireland is understood to have provided Mr Waters with a windfall of about €367 million, based on company filings prior to the announcement.

When Royal Hibernian Way was first offered to the market last September by joint agents JLL and TWM at a guide price of €80m, it attracted offers from a number of parties including German family-office investor AM Alpha, Derek McGrath’s Core Capital and US private equity giant Lone Star’s Irish affiliate, Hudson Advisors.

While AM Alpha was said to have been in pole position to acquire the scheme at one point, a deal did not proceed.

In purchasing the property for €74m, Mr Waters is set to secure a discount of 8 per cent on the €80m Aviva Life and Pensions Ireland DAC had been seeking from its disposal.