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The iconic Clerys clock on Dublin's O'Connell Street RollingNews.ie

European investment group to acquire Clerys building in deal reportedly worth over €60m

The building was once home to one of the capital’s most iconic department stores.

A EUROPEAN INVESTMENT group has agreed to acquire the Clerys building in Dublin, once home to one of the capital’s most iconic department stores.

Real estate investment manager Europa Capital has announced that it has agreed to purchase the building with local partners Core Capital and Oakmount.

The building, located on O’Connell Street, has been vacant since 2015 when it was sold to Natrium for nearly €30m, leading to the loss of hundreds of jobs.

RTÉ are reporting that the latest deal to sell the building will cost Europa Capital in excess of €60m.

The group intends to transform the former department store into a major new retail, restaurant and office destination, while there is planning permission to extend the building by more than 40,000 square feet.

In a statement to TheJournal.ie, Europa Capital said that it intends to fully restore the building’s well-known historic features, including its colonnaded façade and famous clock.

It’s expected that the building will include a new panoramic rooftop restaurant, retail units on O’Connell Street and dining and drinking facilities, which will be integrated with the street at ground level.

Once the refurbishment is complete, it’s hoped that Clerys will be home to around 400 jobs.

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    Mute Shane Zerbe
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    Oct 4th 2018, 12:04 PM

    The plans sound great. Will bring about a big improvement to the area and hundreds of jobs!

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    Mute SF Nuts
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    Oct 4th 2018, 12:57 PM

    @Shane Zerbe: there were 100s of jobs there before…

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    Mute Robert Burke
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    Oct 4th 2018, 1:40 PM

    @SF Nuts: and there will be again. also the former staff have been offered employment as part of the deal.

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    Mute SF Nuts
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    Oct 4th 2018, 3:19 PM

    @Robert Burke: and what have they done while on an enforced break

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    Mute Lisa Byrne
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    Oct 4th 2018, 12:46 PM

    O Connell Street should be an amazing touristy area, but my god the street is a dive the amount of fast food restaurants etc its just ugly. I welcome the new plans they sound lovely and looks like it will be a gem in the rough that is o connell street

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    Mute Trevor Hayden
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    Oct 4th 2018, 12:23 PM

    It’s sad what happened to the old staff but I think a rejuvenation was badly needed.
    It always reminded me of entering the shop in Are you being served?
    Waiting for Molly Sudgen to pop out with her blue rince.
    Very dated.

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    Mute Genius 80s+
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    Oct 4th 2018, 1:37 PM

    @Trevor Hayden: That’s the Irish way now, it only ilagal if your working class

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    Mute Lucy Legacy
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    Oct 4th 2018, 1:59 PM

    @Trevor Hayden: ah that’s what I loved about it!

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    Mute Susan O'flaherty
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    Oct 4th 2018, 7:26 PM

    @Trevor Hayden: disagree. whole shop had been revamped a year or so before they closed. was lovely and bright. had a big range of different clothing companies.

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    Mute Shea Carroll
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    Oct 5th 2018, 1:48 AM

    @Genius 80s+: or if you can spell

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    Mute Niall
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    Oct 4th 2018, 12:51 PM

    10 million a year profit for some office work…not bad! I wonder how the forcibly unemployed former workers are doing.

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    Mute Mari
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    Oct 4th 2018, 12:52 PM

    Another piece of IRELAND gone to vulture fund

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    Mute Mike Phelan
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    Oct 5th 2018, 4:59 AM

    @Mari: Actually, it’s not. Neither is the fund European, as reported in the The Journal. Europa Capital is owned by the Rockefeller Group which, in turn, is owned by Mitsubishi Estate Co., Ltd.. It’s a real estate co. founded on May 7, 1937; 81 years ago. Headquarters Otemachi Building 6-1, Otemachi 1-chome Chiyoda-ku, Tokyo, Japan
    It is one of the largest real-estate developers in Japan and is involved in property management and architecture research and design.

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    Mute Gary
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    Oct 4th 2018, 12:23 PM
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    Mute Charles McCarthy
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    Oct 4th 2018, 4:36 PM

    Dublin has a serious issue with all the fast food shops around the inner city. Are the council exercising any control over where these are allowed to set up. They are a blight on the cityscape. Do we really a KFC every hundred yards.

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    Mute Mike Phelan
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    Oct 5th 2018, 5:02 AM

    The fund is not actually ‘European’, as reported here. Europa Capital invests in Europe but is owned by the Rockefeller Group which, in turn, is owned by Mitsubishi Estate Co., Ltd.– a real estate co. founded on May 7, 1937 in Tokyo, Japan
    It is one of the largest real-estate developers in Japan and is involved in property management and architecture research and design worldwide.

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