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McCann family acquire back stake in Balmoral from Fyffes purchasers Sumitomo

McCann family acquire back stake in Balmoral from Fyffes purchasers Sumitomo

Sumitomo, the Japanese group who completed a takeover of Fyffes last year, has sold its 30% stake in property company Balmoral Investment Land Holdings back to the McCann family.

Sumitomo inherited Balmoral when they took over the Ramparts Road-based fruit business but have now sold it back to a vehicle linked to the company’s chairman Carl McCann and his brother David (pictured above).

The entity is named in Balmoral’s latest annual report as Huntroyde.

The transaction, which took place at the end of August 2017, means that members of the McCann family either directly own shares or are linked to companies that have a combined holding of more than 55% of Balmoral’s shares.

Fyffes, founded in Clanbrassil Street in 1902 by Charles McCann and later managed by the late Neil McCann, spun off and listed its property portfolio in 2006 on the junior Dublin and London stock markets as a company called Blackrock International Land. It was subsequently renamed Balmoral in 2010 and delisted from the stock market a year later following a slump in its share price during the property downturn.

Fyffes and its former sister company, Total Produce, accounted for almost a third of Balmoral’s €8.4 million rent roll last year.

Japanese conglomerate Sumitomo received its 30% stake in Balmoral early last year when it took over Fyffes in a €751 million deal.

Balmoral said in the annual report that its net asset value rose by 63% to €59.7 million last year, as it sold UK and Dutch assets for in excess of how they were valued on its books.

Some 64% of its portfolio is currently comprised of industrial and warehouse assets, 25% office and 11% mixed use land.

Amongst its local assets includes the building at the Xerox Technology Park in Dundalk, which is currently leased to PayPal.

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