Gallagher launches new real estate group

Sean Gallagher

Sean Gallagher, the high-profile former presidential candidate and Dragon’s Den star, has raised over €25m to buy commercial property with the launch of his new Clyde Real Estate group.

Gallagher and his backers are seeking to tap into the huge demand for quality offices in Dublin and other parts of the country. The firm has just bought the Alcatel-Lucent complex in Blanchardstown, in the largest commercial property transaction in Ireland in the first quarter of 2015.

Clyde Real Estate has raised €25m from an unnamed US private equity player, as well as bank debt and founder equity to fund the purchase of properties.

Gallagher, who lived for a number of years in Blackrock, has teamed up with telecoms magnate Colm Piercy, who runs European communications group Viatel, to buy office and commercial properties in Dublin, Carlow and Louth over the last year.

Piercy is one of the most successful telecoms entrepreneurs in the country. He merged his Dundalk-based Digiweb business into Viatel in a €120m merger in 2013 and the expanded firm has become increasingly valuable. He is also an investor in the data centre sector.

“Clyde Real Estate is a business-led property venture that has been founded by experienced business builders,” said Gallagher. “Each of us has grown our own technology companies and we feel uniquely placed to understand the flexible and high specification accommodation needs of modern business,” he added.

“We are focused on acquiring substantial office and commercial properties which will be made available to meet the growing needs of indigenous Irish companies, corporates and multinational firms seeking to establish or expand their operations here,” explained Gallagher.

As well as buying the 300,000 sq ft Alcatel-Lucent building, Clyde Real Estate has also done a deal to acquire the landmark Braun facility in Carlow from multinational Procter & Gamble.

Gallagher says the company will develop this 30-acre site into a dedicated corporate and technology park for the South East. Clyde Real Estate is working on closing a number of other deals which will give it a portfolio of office and commercial space encompassing around 1 million square feet.

The company’s existing clients include well-known names such Citibank, Alcatel-Lucent, Viatel, Ask.com and Paragon Global Resources.

Clyde is in talks with a number of other private equity and institutional funders on financing further acquisitions after it beds down its first round of commercial property deals. It is likely to seek to raise a larger sum from backers for property buyouts in Ireland and overseas markets.

Louth Age-Friendly Business Consumer Fair this Sunday

The Louth Age-Friendly Business Consumer Fair takes place this Sunday in the Crowne Plaza Hotel Dundalk from 12 noon to 5pm.

Entry to the event is free, while there will be discounts available on refreshments on the day.

Over 50 exhibitors will have their products and services on display on the day, while there will be expert advice available on finance, health, security, legal matters and much more, as well as music by Glasheen.

Special guests on the day will include Gavin Duffy of Dragon’s Den.

For further information visit www.louthagefriendlycounty.ie or call 1890 253 240.

Gallagher taking High Court action against RTÉ over controversial Frontline programme

Sean Gallagher with his wife Trish

RTE “deliberately” tried to “alter the course” of the presidential election in favour of Michael D Higgins, his defeated rival Sean Gallagher has claimed in explosive High Court documents.

Mr Gallagher, runner-up in the election to Mr Higgins, has significantly upped the stakes in his battle with RTE arising out of a hugely controversial Frontline debate programme.

The former Dragons’ Den star has made a series of dramatic claims which RTE sources are adamant will be vigorously contested.

Mr Gallagher has accused RTE of “constituted targeted malice” that effectively took him out of the 2011 presidential race. He claims RTE “deliberately” sought to “promote the electoral chances of Michael D Higgins” and to damage his own electoral chances.

And he accuses RTE of “improper or ulterior motive” to “alter the course” of the election in favour of the President.

Mr Gallagher claims the controversial Frontline programme set out to “damage” his electoral chances, was “grossly unfair” to him and “lacked any objective standards of editorial fairness”.

This time last year Mr Gallagher – who was residing in Blackrock at the time – announced his intention to seek a High Court declaration that the programme, aired on October 24, 2011, was neither objective nor impartial nor fair to his interests.

He also said he was seeking damages for alleged breach of statutory duty and negligence and exemplary damages arising out of subsequent comments by Frontline host Pat Kenny.

At the time RTE confirmed that a plenary summons had been received and said there would be “no further comment”.

However, in correspondence with Mr Gallagher over a year ago, RTE rejected the substance of his claims and confirmed its intention to contest the proceedings.

Yesterday sources at the national broadcaster stressed that RTE remained steadfast in its intention to contest the proceedings.

Last week the High Court was told that Mr Gallagher was seeking all documents relating to the programme. The discovery application will be heard in full on February 11 next.

A High Court hearing on Mr Gallagher’s claims is scheduled to be heard later this year.

In March 2012, the Broadcasting Compliance Committee deemed the RTE broadcast of a “fake” tweet to be unfair to Mr Gallagher. In November that year, RTE published an internal review of the Frontline debate that identified serious editorial failings.

The Sunday Independent now understands Mr Gallagher claims a series of alleged failures against RTE in relation to the broadcast of the fake tweet.

On broader issues surrounding the programme, he claims that RTE interfered with and redrafted questions asked of candidates and allowed the questions to be asked in an unfair and unequal manner.

He claims RTE “organised” the debate so that he was the only candidate to be asked three challenging audience questions, whereas other candidates, such as Michael D Higgins, were asked none.

The debate was organised, he claims, to change the course of the election.

He also accuses RTE of failing to ensure audience members were objectively selected and claims that the method of audience selection was not transparent, systematic and clearly recorded.

He also claims RTE failed to have a senior editorial figure in charge of the debate to ensure editorial and compliance issues during the course of the debate and failed to implement and uphold proper journalistic standards as a national public service broadcaster.

Source: Sunday Independent

Meeting organised to tackle Dundalk’s retail crisis

Bobby Kerr will chair Tuesday’s meeting in the County Museum

A meeting has been organised for next Tuesday July 2^nd in the County Museum to deal with Dundalk’s retail crisis.

The meeting – titled ‘Dundalk Retail Crisis – Turning it around’ has been organised by Dundalk BIDs and Dundalk Chamber of Commerce.

According to retailers, the first five months of 2013 have been the worst experienced so far in the town since the recession kicked in.

With that in mind, anyone with a business interest in town or who has ideas about how to turn things around is encouraged to attend the meeting.

It will be chaired by Bobby Kerr of Dragon’s Den fame, who also runs the Insomnia Coffee Chain.

To confirm your attendance please email certs@dundalk.ie or call Michelle on 042-9336343.

The meeting will get underway on the night at 6.30pm.