Latest news with #Cork-based
Irish Examiner
13 hours ago
- Business
- Irish Examiner
My Job: Protecting and growing investors' money — in Cork and beyond
Name: Kevin Canning Occupation: Managing director, Quintas Capital Background: Cork-based investment firm specialising in private market opportunities for private and institutional investors. It specialises in providing bespoke private market investment opportunities tailored for private investors, family offices, and institutional investors. Remembering the most useful piece of financial counsel he ever received, Kevin Canning's response is succinct: 'The best personal financial advice I've received is simple but powerful: 'Always protect your capital.' Or, as one client once said: 'Don't lose my money.' Chasing outsized returns at the cost of potential capital loss rarely ends well,' he adds. 'Preservation of capital should always come first.' As to what general commercial counsel he lives by, Kevin says: 'From a business perspective, the best advice has been: 'Control your operating expenses'. "Revenue rarely arrives exactly when you expect it, but operating expenses always have to be paid. So ensure you leave a large buffer.' At a time when markets are roiling from the combined uncertainty around tariffs and ever-increasing global conflict, he says investor sentiment remains cautious, as it always should be. 'Making an investment, and staying the course, requires discipline and a long-term view, especially in volatile times. Public markets can be particularly challenging due to daily pricing and the emotional toll of sharp drawdowns triggered by events like policy shifts or trade tensions.' In contrast, he says private markets are less reactive and therefore easier for many investors to navigate emotionally. 'This stability is one of their key advantages, amongst many others.' As a private market investment firm — one of the few in Ireland and only in Cork — Quintas Capital offers a number of advantages compared to public markets, including potential for higher returns; lower short-term volatility, a longer-term investment horizon and significant tax planning benefits. The firm focuses on two- to five-year investments across the Employment and Incentive Investment Scheme (EIIS), private equity and private credit, with a strong emphasis on tax-efficient strategies. "Private investing is deeply local in nature. A strong understanding of local markets and communities is essential, which is why it's important we foster more homegrown Irish private market firms, rather than depending heavily on international capital." Quintas Capital sees Cork as a very attractive market for investment, especially with the ambitious development plans set for the next two decades. The Marina development, for example, has great potential. Through our EIIS fund, we're currently investing in several social infrastructure projects including state-of-the-art creches opening in Midleton and Douglas this summer, and a new sports facility in the Marina due to launch later this year. While Cork is a major focus, the firm's investment strategy also extends across Ireland, the UK, and the UAE. 'That said, we're especially proud to be championing Cork as a thriving hub for private investment outside of Dublin.' As to whether private companies have an advantage in adapting more effectively than their public peers, he says rather than comparing the abilities of individual companies, the more important investment discussion is around the contrast between active management in public versus private markets. 'In public markets, traditional active management is fading. Most investors now favour lower-cost Exchange Traded Fund's and no longer rely on expensive stockbrokers. "But in private markets, a trusted investment manager is essential. It's incredibly difficult to navigate private investments alone unless you have a full family office infrastructure. Today's top-tier wealth managers offer far more than just stock-picking, they provide integrated advice across tax planning, estate structuring, budgeting, and crucially, access to high-quality private market opportunities. That's where firms like Quintas Capital come in.' Legendary investor Warren Buffett once advised potential stock market speculators: 'Be fearful when others are greedy and greedy when others are fearful.' Kevin Canning adds investing is as much about temperament as it is about technical knowledge. 'Emotional discipline is critical, especially in public markets, where constant news flow and pricing updates can lead to reactive decisions.' "In private markets, where investments are typically longer-term and less volatile day-to-day, there is more space for rational decision-making. But in either case, successful investing requires patience, a long-term view, and the ability to stay calm when markets are anything but. The Employment Investment Incentive Scheme is the bedrock of what they do at Quintas Capital, he explains. 'We currently invest over €10m annually through EIIS, and that figure is rising steadily. What makes our approach different is that we focus on social infrastructure — projects like solar energy, childcare centres, sports facilities, and hotels. These not only offer compelling returns and 50% tax relief upfront for investors, but they also provide real community impact. In the main, I believe anyone earning over €100,000 annually should be exploring EIIS. "Yet current participation rates are far too low — just €50m to 60m is invested in the scheme each year. That number should be closer to €100m, and we really believe we can make that happen.' The fact significant amounts of money remain in bank deposit accounts earning next to nothing is a complex topic best looked at through the prism of banking fundamentals. 'Banks operate by taking depositors' money and lending it out to borrowers, with their profit in the margin between what they pay depositors and what they earn from loans. However, depositors are indirectly exposed to the risk profile of the bank's lending decisions and in the event of a failure, any deposits over €100,000 may not be protected.' A growing alternative, both in Ireland and globally, is private credit. 'This essentially bypasses the bank, allowing investors to lend directly to borrowers such as real estate developers or SMEs. Investors can potentially earn returns in the region of 8%-15% per annum, without exposure to the banking system. At Quintas Capital, this area is growing rapidly. We originate capital for these deals from high-net-worth individuals and family offices — some of whom operate private credit as a core part of their business model.' Despite the ongoing global geo-political turbulence, Kevin remains very optimistic about Ireland's economic outlook overall, and particularly for Cork. 'While there are valid concerns about our reliance on US multinationals, global supply chains can't shift overnight, and Ireland remains a strategic location. Our sovereign wealth fund, the Ireland Strategic Investment Fund, continues to grow and play a vital role in long-term national development.' It is essential investment continues in critical infrastructure projects like the Cork Docklands regeneration and the proposed Cork Luas. 'Supporting homegrown investment firms is also crucial — no one cares more about Ireland's long-term success than Irish-owned businesses rooted in the local economy.' Read More My Job: Paul Sheridan on 25 years of the Tour de Munster
Irish Independent
2 days ago
- Business
- Irish Independent
Applications for 28 long-term rental homes in Cork city now open
The new Cost Rental homes are located in Longview, in the northside city suburb, and delivered by Clúid in partnership with Cork City Council. The rents for these homes will be up to 30% below the average for the area. Clúid opened applications for the next two weeks, which can be made up until 5pm on Wednesday, July 2. Interested applicants will be able to apply for one of the five brand new two-bed houses, with a rent of €1,340 per month, or one of the 23 three-bed houses with a rent of €1,479 per month. Clúid expects residents to begin getting their keys in late August. Interested parties need to register their interest online, via and upload supporting documentation to the online portal. Documents required include proof of identity, bank statements to prove household income, and employer and landlord references. Colin Byrne, head of affordable rental at Clúid Housing, said: 'We're delighted to be opening our third Cost Rental scheme in Cork City at Longview. Ballyvolane is a buzzing suburb, with a range of retail and leisure options, and Cork City Centre is easily accessible by public transport,' he said. 'We anticipate all these factors will lead to high levels of interest.' ADVERTISEMENT Learn more Mr Byrne recommended those interested in the housing to start the application process as soon as possible. The homes are near the schools and shops of Ballvolane, with Cork City and a range of employment hubs in close proximity. As well the landscaped green areas, play spaces and a new greenway within the scheme, residents can also enjoy the open space and amenities of Glen River Park, just a short walk away. Cost Rental homes is a new form of renting housing tenure in Ireland and are designed for people who do not qualify for social housing or other support like Housing Assistance Payment (HAP) but also struggle to rent in the open market. To be eligible for Cost Rental homes, applicants must be able to prove that their household income is below €59,000 per year, they do not receive housing support, they can afford the rent, they don't own a property already and the household is the correct size for the home. The Longview Cost Rental homes were delivered by Clúid in partnership with Cork City Council, and with the support of the Department of Housing, Heritage and Local Government, The Housing Agency and the Housing Finance Agency. The developer is Longview Estates Ltd. and the main contractor is Cork-based CField Construction.
Irish Examiner
4 days ago
- Business
- Irish Examiner
Cork adventure company Zipit opens fourth location in latest expansion
Cork-headquartered adventure business Zipit has announced the opening of its newest park, located in Wicklow, marking the growing company's latest expansion. With locations already in Farran Forrest Park in Cork, Tibradden Wood in Dublin and Lough Key Forest Park in Roscommon, Zipit Djouce Park in Wicklow will mark the company's fourth addition. The latest venture will be located on a former golf course fairway on the edge of the Wicklow park. The new course is currently being built by Funcha, one of Europe's leading adventure park developers. Speaking on the latest location, Zipit said it offered "wide-open skies and uninterrupted views", providing a different experience from Zipit's traditionally forested courses. Zipit was acquired by Cork-based Cool Runnings Events in 2021, leading to the merging of two family businesses. Headquartered in Little Island, Cool Runnings is known for both zip-lining and for its seasonal ice rink attractions in Cork and Dublin and has been operating since 2007. In May, Zipit sought to expand its operations further, submitting plans to the county council for a new adventure centre in East Cork. In its application, the growing company sought planning permission to install an adventure activity course on Fota Island. The proposed course will include a net adventure area, multi-activity area, tubing course, zip lines, a low ropes area, and ancillary activities. Permission is also being sought for a single-storey reception cabin and a single-storey staff welfare cabin, toilet facilities and all associated site and ancillary works on land at Fota Island, Carrigtwohill. The proposed site lies within the curtilage of Fota House, which is a Recorded Protected Structure. Cork County Council are due to decide on the case by July 1, 2025. Speaking on the Wicklow course, Cian O'Callaghan, Head of Sales and Marketing at Cool Running Events, said: 'We're incredibly excited to launch our newest course in Djouce. This area of Wicklow offers a stunning backdrop for outdoor adventure." "This course is Zipit's first that's accessible to kids as young as three, and we can't wait to see the excitement on the younger adventurers' faces as they take part in Ireland's newest adventure course'.
Hospitality Net
7 days ago
- Business
- Hospitality Net
Irish Hotel Market – Calm Before the Storm?
It's been a buoyant cycle for hotels in Ireland: long, sustained periods of rising demand, and either constrained supply, or new supply that has been easily absorbed. Transactions have also been strong on the back of these favorable dynamics. For example, the 4-Star Ruby Molly Hotel in Dublin 7 reportedly sold to German group Deka Immobilien as a lease deal this year for €86m (€316k per key). While Deka is known as a leading global real estate fund, the buyer pool for Irish hotel assets in general has been diverse. Capital has come in from various sources – high net worths, family offices, real estate funds and private equity – and closed transactions across both single assets and platforms. Readily available credit (national banks like AIB and Bank of Ireland, but also private credit) has also been a further facilitator of deal activity, albeit at more reasonable loan-to-value ratios than past cycles. The question now is whether a storm is brewing: a storm of new transaction volume highs led by large-scale platform deals, or a storm of trading upheaval, comprising the current period of relative calm. Irish hotels have been delivering sold profit & loss performance for several years running. Why Investors Like Irish Hotels One key driver of deals during this cycle has been Ireland's perceived and real ease of entry (i.e. transparent legal, debt and operating frameworks), particularly for overseas buyers. But it's not just overseas buyers that have been active, domestic groups like Cork-based Cliste Hospitality have also joined the acquisiton wave. With the acquisition of the 69-bedroom Keadeen hotel in Kildare, they expanded to their 15th property under management. Whichever the buyer type, the investment thesis for Irish hotels has been lining up well. The combination of business drivers (Ireland being the gateway to the EU, a tax favorable environment and center for financial and tech sectors) has paried with robust tourism figures. According to the Central Statistics Office, for the full year of 2024, an estimated 6.6m international visitors travelled to Ireland, up 6.7% on 2023. At the same time, the domestic market has proven resilient and further bolstered trading. The results have been impressive, especially in Dublin where hotel occupancy has been above 80% for the last two years. An average daily rate (ADR) of €180 recorded in 2023 was already 27% above 2019 levels. These are staggering figures, even considering the post-Covid recovery. Transaction Volumes and Market Performance From an investor standpoint, the combination of these factors has allowed for investor underwriting to show improving performance, a potential further tightening of yields and strong overall deal returns, at least on paper. Volumes have therefore soared to just shy of €1bn (including development sites and hostel transactions) for 2024; this placed Ireland sixth on an HVS European Hotel Transaction volume comparison chart. Activity like this was last seen in Ireland in 2015, but the volume level has not been reached since the previous peak of €1 billion in 2006, just before the Global Financial Crisis. It is reported by CBRE that transaction volumes could approach another €800m in 2025, with several anticipated platform sales and pending deals on the horizon. A successful acquisition of Dalata Group, reportedly being bid by major players at a potential valuation of €1.7bn, would surely shatter any historic transaction volume records for the country in a single year. Signs of a Market Shift in Ireland We appear to be well progressed in a cycle of positive hotel performance, but off the cycle highs and with increasing clouds on the horizon. In the year to December 2024, national RevPAR still increased by 0.5%. However, the Dublin market RevPAR already peaked in 2023 and fell by 2.2% in 2024. In the short-term, hoteliers have and can trim costs to combat inflationary factors and/or softening RevPAR levels, but there are other looming factors. The Irish Tourist Industry Confederation (ITIC) recently reported that the current geopolitical climate could jeopardize US tourism arrivals to Ireland. This is no surprise, given this market comprises up to 35% of the total Irish tourism spend each year. Even a small negative shift in the value of the US Dollar against the Euro is very detrimental. Those shifts have already occurred, and so the impact is now beginning. One other less studied factor relates to Ireland's structural housing shortage and its impact on hotel performance. To house an influx of refugees to Ireland, the Government has relied on Irish hotels for inventory and signed multi-year government-backed contracts to do so. In more challenging Covid-era times, this benefited hoteliers. Now one must consider the impact that a future void in these contracts would create when they end. In 2024, Fáilte Ireland reported that 28% of all registered tourism bed stock was contracted to the State. Given the cycle, backfilling these extra rooms with tourists, especially in a more challenging operating environment, may not be possible. And then, there is new supply in the Capital; another 3,000 rooms are expected to be delivered in Dublin between 2025 and 2026. Pathways to Prolonged Growth Nevertheless, we sit in a period of relative calm with Irish hotels delivering sold profit & loss performance for several years running, which is driven by good overall fundamentals. Together with minor shifts in cost structure, new tech-driven efficiencies and/or positive policy shifts (e.g. a fresh reduction in VAT) – we've seen precedents for even progressed cycles to be prolonged for years. Critical to this favorable outcome, and allowing the good times to keep rolling, is Dublin Airport. The current passenger cap of 32m, if lifted today, would drive waves of new demand into Irish hotels. Government consultants state that the existing airport infrastructure can handle 36m passengers per annum without additional work (or impact on service). Since the passenger demand is already reportedly there to hit that level, the release of this major incremental influx in arrivals would be a major benefit for Irish hoteliers. In other words, a policy shift could further extend or indeed recoup Irish hotel performance in the short-term. The general expert consensus is that Dublin remains undersupplied in terms of hotel rooms, so that new supply would continue to be absorbed. A Solid Base for Global Expansion Ireland has for a long time proven an excellent home base for hotel companies. The clear operating framework – coupled with access to a pool of talented professionals, entrepreneurial local Management teams and embedded culture of Irish hospitality – has given rise to successful homegrown platforms such as Prem Group and Dalata. With a solid footing in the home market to drive cash flow, these platforms have also proven capable of gaining footholds abroad (for example, in the USA, UK and BeNeLux). In fact, there could be a lot more of these expansion plans to come. In 2024, the sale of a majority stake in the Dean Hotel Group portfolio to Lifestyle Hospitality Capital (LHC) embodied one such strategy, where an investor will take an Irish hotel concept into new markets overseas. LHC has already acquired an asset in Munich to fold into the Dean brand. Several major Irish hotel platforms seem ready for a change of ownership, but it remains to be seen which transactions will materialize. CoStar reported that Apollo Global Management withdrawn the sale of the circa €500M Tifco Irish hotel portfolio in 2024, instead opting to refinance. Dry powder for acquisition and good credit remains available, at least of the time being. But, unlocking major Irish platform transaction at this point of the cycle will take a combination of fresh thinking (e.g. global alliances and re-brandings), a clear plan for overseas expansion, and a prolonged strong performance for the hotels on home soil. View source
New York Post
12-06-2025
- Entertainment
- New York Post
These tricked-out Irish castles are searching for American buyers
Want to be king of your own castle? Where better to do it than in Ireland, where the rugged landscape — and torrid history — has left a lasting legacy on the landscape: a near limitless supply of picturesque castles from all periods to suit all tastes. Helen Cassidy has carved out a niche as a local specialist in castle-brokering and said they're particularly popular with Americans. Yankee castle buyers aren't flighty browsers either — they like getting down to business. 'They're very focused and cut to the chase extremely quickly and do not like competition,' she said. She recalled walking up to a castle in Tipperary, in the pouring rain, with a tattooed and bearded buyer, ready to begin her sales patter. She turned around to see him in tears at the sight of the turrets. 'He said, 'Helen, it's perfect and here's the money.'' Keen to splash some cash like he did? Here's a trio of on-market options around the country to consider. The Fortwilliam Estate, Lismore, Co. Waterford 3 Stop and Astaire: The famed dancer's family once resided here. Courtesy of Knight Frank Price: Offers in excess of around $8 million Specs: This six-bedroom, four-bathroom property is on 216 acres, with 11,940 square feet of floor area with an additional four-bed, three-bath Fisherman's Cottage in the West Wing. The castle: Fortwilliam House was built in the Tudor Revival style in 1836, using local veined sandstone and was designed by the Cork-based Pain Brothers, who also masterminded Dromoland Castle and Adare Manor (both now luxury hotels). Previous residents include Adele Astaire, fleet-footed Fred's sister, and America socialite Mrs. Murray Mitchell, who ran a donkey sanctuary onsite in the 1990s. The area: Pack some fancy duds for the trip as neighboring Lismore Castle is owned by the British Duke of Devonshire. It's one of the toniest castles in the country and hosts the Blackwater Valley Opera Festival there in late May. There's superb salmon fishing in the river Blackwater, too. The numbers: Don't worry about monthly overheads: The estate has income-producing rental cottages, like the four-bedroom Steward's Cottage, plus fly-fishing and land rental which more than offsets the cost of the caretaker who looks after the property four days per week. If you want to renovate the interiors to your own liking, said agent Guy Craigie, budget between $163 to 380 per square foot. If you want to rent the entire estate out during season, per Craigie, expect around $21,700. Contact: Guy Craigie, Knight Frank Ballytarsna Castle, Cashel, Co. Tipperary 3 Rock out in this sturdy stunner close to St. Paddy's royal soul-saving site. Jonny Garvey Price: Around $1.08 million Specs: This three-bedroom, three-bathroom, measures 2,440 square feet and sits on 18 acres. There is a Great Hall with a large, 15th-century fireplace and the primary bedroom has views out across to the Rock of Cashel. The castle: Likely built in the mid-1500s, this is a later example of the tower-style house. The British ousted the family who built it, and the castle ended up in ruins. The current owners, who bought it in the late 1990s, spent 11 years restoring it to pristine condition including running a stonemason school there to help produce the pieces needed. The area: That Rock is one of Ireland's most spectacular treasures, with human history dating back 1,000 years — it's where St. Patrick converted King Aengus to Jesus, for one thing. The largest thoroughbred operations in the world, Coolmore, is also in this county. The numbers: Expect to spend around $650 per month on utilities and earn around $2,000 per weekend if you lease it out. It's move-in ready, but there's planning permission in place if you want to invest and extend. Contact: Helen Cassidy, Premier Properties Ireland Gowran Castle, Gowran, Co. Kilkenny 3 This turn-key keep is a towering achievement of ritzy restoration. Media Pro Price: Around $2.6 million for the castle, plus an optional extra $1.63 million for its equestrian center. Specs: This five-bedroom castle (with one extra bedroom in the gate lodge) sits on 14 acres with its own tree-lined avenue entrance. There's almost 7,900 square feet of livable space. The modern equestrian facilities include 10 stables, with a three-bedroom apartment upstairs and almost 54 acres of land. The castle: Though a castle was first built on this site by the Butler family in the early 14th century, it was a later 18th-century structure that forms the core of the current house, which was extensively rehabbed by architect William Robertson in the 1800s. The area: There's ample to distract horse-mad buyers beyond the equestrian center: racecourses including Clonmel, Curragh and Gowran Park are within easy reach — the latter's barely a quarter of a mile away. There's spectacular golf, too, via the Jack Nicklaus-designed Mount Juliet course, also home to the Michelin-endorsed Lady Helen restaurant. The numbers: The current spiffy condition's a result of major investment — the place was damaged when it was occupied by anti-treaty forces during the Irish Civil War a century ago; it was reroofed with new windows, heating and more so is for sale in move-in condition. Expect to pay $870 or so for electricity, and you could score a nightly payday of $1,370 if putting it up for rent. Contact: Josh Pimm, Savills
