US-based property investment fund Kennedy Wilson will shift €1 billion of Irish assets into new vehicles that will allow private investors to co-invest, the Sunday Times has reported.

The firm has appointed Goodbody Stockbrokers to establish and manage qualifying investor funds on its behalf.

Kennedy Wilson has been one of the most aggressive buyers of Irish commercial real estate assets and raised €1 billion last month through the flotation of an investment vehicle, Kennedy Wilson Real Estate Europe, in London.

Some of these funds will be channelled into the Irish Qifs and used to purchase more assets here, the paper reports.

Coveney plans merger
A "partial merger" of Coillte and Bord Na Móna is set to go to Cabinet shortly for approval – despite increasing opposition to the plan, the Sunday Independent has reported.

Agriculture Minister Simon Coveney is determined to proceed with the plan to merge large parts of the State agencies and a memo for Government is being prepared.

Mr Coveney is eager to “create a streamlined and refocused commercial State company operating in the bio-energy and forestry sectors”, despite misgivings from the two companies, the paper says.

Property undervalued
More than 2,000 property owners have admitted to the Revenue Commissioners that they undervalued their houses for property tax purposes the Sunday Business Post has reported, citing new figures from the Revenue Commissioners .

The paper predicts “a further surge” in declarations of undervalue before the deadline at the end of this month.

“If you undervalued your property and don’t self correct by March 31st, you face interest on the amount of tax underpaid,” the paper quotes a spokeswoman as saying.

Ardagh to raise €365m
Packaging group Ardagh is raising over €365 million in pre-IPO funding ahead of a planned flotation on US stock markets late next year, the Sunday Independent has reported.

Ardagh’s US flotation was parked last year when US anti-trust authorities challenged its $1.7 billion (€1.23 billion) buyout of Verallia’s North American business (Vina). It has now agreed to sell a number of US plants.

“As the Vina transaction is nearing consummation, the group has resumed its efforts to raise equity-linked securities to support continued value creation for its stakeholders,” according to documents prepared for Ardagh bondholders, the paper reports.

“The group’s objective is to raise primary proceeds in excess of $500 million (€365 million).”