Limerick billionaire JP McManus shares €224m profits on Paris investment

Reports: Martinstown man sees return with John Magnier on retail and office development

Limerick billionaire JP McManus shares €224m profits on Paris investment

Martinstown philanthropist JP McManus at Adare Manor, which he owns

LIMERICK billionaire JP McManus has shared a reported net profit of €224m with businessman John Magnier on an investment in a retail and office development in Paris’ Place Vendome.

According to a report in the Times (UK), filings in the Luxembourg Trade and Companies Register shows that Trajan Luxembourg paid a dividend of €214m to its shareholders in early 2017. Trajan Luxembourg is the vehicle used by the two billionaires to invest in the office complex.

In December 2016, Trajan sold No 9 Place Vendome and a number of other properties on Rue Saint-Honore to Norwegian Norges Bank Real Estate Management, for €1 billion.

Norges Bank is a $780bn fund that Norway uses to invest the country’s income from oil and gas production in the North Sea in stocks, bonds and property, the Irish Times wrote. 

The Martinstown philanthropist and the racing magnate Magnier bought this block for a reported €650m in 2007 from Hammerson, Dundrum Town Centre owner, and Axa Reim insurance company.

According to the Irish Times in December, the racing tycoons had spent a “considerable sum” refurbishing the building.

The property comprises 26,800sqm and includes 80% rentable office space and 20% retail space.

Another report in the Irish Times last February, stated that €1bn deal was the Oslo-based investor’s largest property deal in 2016.