Arnotts investor Fitzwilliam Partners buys more retail properties

Noel Smyth's Fitzwilliam Partners, which has gained control of the Arnotts Group, is continuing the policy of buying adjoining retail properties.

The company recently acquired number 5 Upper Liffey Street for €800,000, giving it control of a key stretch of four adjoining buildings, numbers 3,4,5 and 6. Mervyn Ellis of BNP Paribas handled the sale of the former opticians shop for the vendor.

Last May, Fitzwilliam announced it had reached agreement to acquire the 50 per cent stake in Arnotts owned by rival bidder, US investor Apollo.

Arnotts ran up substantial debt midway through the last decade by buying property around it to develop as a retail quarter. Fitzwilliam and Apollo bought this debt from the banks and Fitzwilliam ended up with control of the company.