IRFU bag a tidy profit
NEWS: The Irish Rugby Football Union have bagged a tidy profit after selling off a track of prime real estate not far from Dublin city centre.
The union are set to bag €27 million in the deal, which saw them sell off land they acquired over two decades ago in the Newlands Cross area of Dublin.
In a statement released this morning the IRFU “confirms the detail contained in a statement issued by Hibernia REIT plc to Euronext Dublin and the London Stock Exchange today, that it is the vendor of a c. 92 acre site at Newlands, Co Dublin to Hibernia REIT plc for a sum of €27M.”
Commenting Philip Browne, Chief Executive, IRFU said: “The IRFU regards the delivery of a sustainable, long term additional income stream for investment in the domestic game, for the benefit of clubs and schools, as one of its key priorities.
The sale of the lands at Newlands, acquired by the IRFU between 1994 and 1996, has been identified for some time as imperative to delivering on this objective.
“It will now allow the Union the opportunity to progress investment options which will, in addition to securing a new realisable asset, produce an additional, long-term income stream to support further development of the domestic grassroots game on this island, in the decades to come.
“It is also envisaged that a portion of the proceeds will be provided for new club and playing facilities development programmes.”
