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Irish Times
31 minutes ago
- Business
- Irish Times
Magnier case: Row breaks out in court over claims gallery members tried to communicate with witness
An argument broke out during a hearing in the High Court case taken by bloodstock billionaire John Magnier over a failed property deal for a Co Tipperary estate. On Thursday, the defence claimed a member, or members, of the public gallery were attempting to communicate with a witness under cross-examination by nodding to him on certain answers. The case centres on Mr Magnier's claim that a US-based construction magnate, Maurice Regan, the preferred buyer, engaged in a 'full-frontal assault' on Mr Magnier's claimed deal to buy the 751-acre estate. Coolmore Stud founder Mr Magnier claims Barne Estate reneged on the alleged deal, preferring to sell at the higher price of €22.25 million to Mr Regan, founder of New York building firm JT Magen. READ MORE The Magniers say the deal was struck at Mr Magnier's Coolmore home on August 22nd, 2023. They also claim an exclusivity agreement in effect from August 31st to September 30th stipulated the estate would not permit its representatives to solicit or encourage any expression of interest, inquiry or offer on the property from anyone other than Mr Magnier. Barne Estate has been held for the benefit of Richard Thomson-Moore and others by a Jersey trust. The Magnier side has sued the Barne Estate, Mr Thomson-Moore and three companies of IQEQ (Jersey) Ltd group, seeking to enforce the purported deal, which they say had been 'unequivocally' agreed. Barne says there was never any such agreement as they needed the consent of the trustees to finalise any agreement and they subsequently preferred to sell to Mr Regan. Mr Regan is not a party to the case. The nodding in court claim was made on Thursday by Martin Hayden SC, for Barne Estate, while his colleague Niall F Buckley SC, was conducting the cross-examination of a financial manager at Coolmore, Tim Gleeson. Mr Gleeson was giving evidence on communications timelines, statements and meetings surrounding the failed deal. Mr Hayden apologised for interrupting the cross-examination and claimed that he had been informed by a note from his legal team that a member or members of the gallery had been nodding at the witness. Mr Hayden gestured towards the Magnier side and told Mr Justice Max Barrett that he was asking individuals 'on the Coolmore side to stop making head gestures' in relation to questions asked of Mr Gleeson. 'It has happened on four occasions now in relation to particular questions asked and head gestures are being made by certain individuals in the gallery,' said Mr Hayden. Mr Gleeson said he did not see any gestures and that he was following documents from the witness box and facing the judge when answering questions over his witness statement. Paul Gallagher SC, for the Coolmore side, said he did not accept the assertion made by Mr Hayden. About 10 minutes later, Mr Hayden rose again to tell the judge 'it is occurring again'. 'They are giving indications of what the answers should be – that's unacceptable'. Mr Gallagher said it was 'an outrageous statement to make – it's not true'. 'I know Mr Gallagher is all-powerful but I don't think he has eyes in the back of his head, I'm not sure he can see what is going on,' said Mr Hayden. Mr Justice Barrett asked all present to refrain from any nodding upon hearing responses given by the witness. Moments later, Mr Gallagher said a member of the defence's legal team was now staring at the gallery where the Coolmore side were sitting at the rear of the court, which he considered 'highly inappropriate'. Mr Hayden said it was appropriate the defence made sure the claimed behaviour did not happen again. Jerome Casey, a senior member of staff at Coolmore who fronts property deals for Mr Magnier, told Caren Geoghegan SC, for the Magniers, 'we are honourable people' who would not go back on an agreed deal. Mr Casey said the exclusivity agreement was put in place because contracts for the estate had not been issued immediately to Coolmore by the vendors' solicitors and that by late August he was made aware that Mr Regan was 'not happy' about the purported sale of the land to the Magniers. Mr Hayden asked Mr Casey if the main reason for the exclusivity agreement was Mr Regan's interest and was told 'very much so'. The case continues before Mr Justice Barrett.
Daily Mail
an hour ago
- Lifestyle
- Daily Mail
Coastal bungalow hits the market for £275k - boasting two bedrooms, sea views and what eagle-eyed buyers have dubbed a spooky surprise... can YOU see it?
A two-bedroom home on sale in Skegness may give potential buyers a fright when they take a look in the living room. The bungalow on North Shore Road is up for sale for £275,000 and is described as being closer to the beach than any other home in the town. It is situated just a one-minute walk away from the beach and has a popular golf club situated behind the property. This unique location makes the property ideal for keen golfers and couples who enjoy long walks along the beach. Complete with a spacious sitting room, a kitchen with plenty of storage and a conservatory with sea views, the detached bungalow is an attractive offer for its price. However, house-hunters may be put off by a bizarre ornament in the living room. What appears to be a Halloween ornament stands against a wall, near the room's entrance, which could give buyers the fright of their life as they enter through the corridor. The spooky statue of a grey-haired man, possibly a supernatural spirit or ghostly butler, holds roses and candles. A similar 'Halloween Hunchback Monster Man' ornament is available to purchase online. The figure, which lights up and also speaks spooky phrases, costs a pricey £192. The hunchbacked man is in stark contrast to the surrounding decor, which includes a couple's landscape picture on the beach, yellow sofas and bright-coloured walls. The rest of the house is also more unassuming, a conservatory adjacent to the lounge offers views of the sea. The conservatory has UPVCC double glazed windows with a tiled floor, wall-mounted independent electric heaters and a light with a fan. There is a small, low-maintenance garden at the back of the home with a raised patio and seating area to watch the sunrise from, as well as a further gated outside area ideal for parking. Another house recently featured an unusual ornament in pictures for its listing. A three-bedroom home in Bridgend came with an eight-foot shark displayed on the wall. It was a confusing addition to the otherwise typical detached property. The detailed animal bust complements the old-fashioned diving suit which tops a bookcase in the room, but clashes sharply with an equally bizarre red model car. At £199,950 the house remains well priced with its three floors and a garage on the side. Taking to TikTok, @HousingHorrors took a peek at the terrifying interior decoration centrepiece, which boasts a blue and white design to match the walls. 'This is the b****y eight-foot shark. What the b****y hell are the owners thinking,' the TikToker said. The social media personality then pointed out that the model shark and accompanying retro car looked out of place alongside the relatively normal features of the rest of the house. But, in conclusion, the TikToker praised the mercurial design technique and at one point even joked, 'take my money'. He added: 'It's safe to say the absolute icing on the cake is definitely the eight-foot shark in the living room.
ABC News
2 hours ago
- Business
- ABC News
Why buyers are fearful of Sydney's housing market right now
Sydney's rising house prices have long been a thorn in the side of prospective buyers, given that the most expensive in the country has experienced sustained growth over the past 25 years. A new Domain report suggests that trend is set to continue, with the median house price in Sydney forecast to rise by 7 per cent in the 2025-26 financial year. The record-high $1.83 million median price tag is inhibitive to most, considering national median earnings are $67,600, as per Australian Bureau of Statistics data. Broderick Wright, a Western Sydney real estate agent who shows homes in Oatlands and Parramatta, said lower interest rates, strong demand, and a limited supply of homes were fuelling price rises. "We're finding now that buyers are having to become savvy in what they buy in terms of compromise," he said. "They're happy to make a compromise and just try and get in, whether that means they move suburbs or move further afield in terms of away from the CBD." The ABC went to three open homes in Sydney's west to see how people trying to enter the property market are really feeling. Kathryn McCorkindale is a young mother of two who is trying to find more room for her growing family. "I have an apartment nearby, two bedrooms and two small kids, and at some point we'll need to upsize, but it's tricky," she said while looking at a property in Parramatta. "It's frankly terrifying, and I feel really angry about the state of housing in Sydney." Ms McCorkindale, who is an architect, believes the solution lies in planning and density. "I think successive governments have given lip service to show that … they want to appear like they're doing something, but they're not actually doing anything. "People are going into a lot of debt trying to make the dream happen; you wonder if staying put is the better option." Kim Lam is in her early 30s and has been looking for a home for more than six months. "It's difficult — anyone who's a first-home buyer with interest rates coming down, it's great, but then you know there'll be a surge in housing prices," she told ABC while viewing a Parramatta apartment. Ms Lam believes the government incentives to help first-home buyers are good but not effective for buyers like herself. "I tend to fall just outside the people who benefit from any of these incentives. Every year it just gets more difficult. "It must be working, otherwise there would be an uproar of some sort," she said. "People sitting in my kind of bracket, it's still kind of difficult to go at it by myself, and you don't have bank of mum and dad to assist you." Despite renting and living in Leichhardt, Warrwick Smith fought rush hour traffic to check out homes in Parramatta. He's looking for a two-or three-bedroom place with two bathrooms but does not believe he will find anything under $2 million. Mr Smith has found himself disappointed with the market pushing more people towards higher-density housing. Pointing at Parramatta's nearby CBD, he said: "My concept of a home has a little to [do] with this Hong Kong style of this place. "It is the stacking up of humanity, which I don't think bears much scrutiny unless you enjoy that sort of lifestyle, and I'm afraid I don't." He is inspecting a heritage-listed home, which means there will be limits on what he can change about the property if he buys it. While he has owned many properties over the years — and therefore is not severely impacted by the increasingly difficult market — he does fear for the future generations. He said he would not mind if house prices came down. "I'd be perfectly happy about that, because it won't all come down together."
Yahoo
3 hours ago
- Business
- Yahoo
Welltower Stock Gains 24.1% in Six Months: Will it Continue to Rise?
Shares of Welltower WELL have gained 24.1% in the past six months, outperforming the industry's upside of 5.7%. Welltower boasts a well-diversified portfolio of healthcare real estate assets in the key markets of the United States, Canada and the U.K. Given an aging population and an expected rise in senior citizens' healthcare expenditure, the company's senior housing operating (SHO) segment is well-poised to benefit from this positive trend. The outpatient medical (OM) portfolio is expected to benefit from favorable outpatient visit trends in the near term. Analysts seem positive on this healthcare REIT, currently carrying a Zacks Rank #3 (Hold). The Zacks Consensus Estimate for its 2025 funds from operations (FFO) per share has been revised three cents northward to $5.02 over the past month. Image Source: Zacks Investment Research Let us decipher the possible factors behind the surge in the stock price. The senior citizens' population is expected to rise in the years ahead. As a result, the national healthcare expenditure by senior citizens, who constitute a major customer base of healthcare services and incur higher healthcare expenditures than the average population, is likely to increase in the upcoming period. Muted new supply has also been a tailwind for this industry. Capitalizing on these positive aspects, WELL's SHO portfolio is well-prepared for compelling multiyear revenue growth. For 2025, management anticipates the same-store SHO net operating income to grow within 16.5-21.5%. Historically, there has been a favorable outpatient visit trend compared with inpatient admissions. Banking on this, the company is optimizing its OM portfolio, growing relationships with health system partners and deploying capital in strategic acquisitions. Given the favorable secular trends and growing need for value-based care, the company's efforts to strengthen its OM footprint will boost long-term growth. Welltower has been actively banking on its growth opportunities through acquisitions. In March 2025, Welltower announced that it is under contract to acquire the Amica Senior Lifestyles portfolio from Ontario Teachers' Pension Plan for C$4.6 billion. The deal, subject to customary regulatory approvals, is expected to close in late 2025 or early 2026. The company has also been disposing of assets simultaneously. In the first quarter of 2025, Welltower completed pro rata property dispositions of $381 million and loan repayments of $123 million. Welltower has a healthy balance sheet position and ample liquidity to meet near-term obligations and fund its development pipeline. As of March 31, 2025, it had $8.6 billion of available liquidity, including $3.6 billion of cash & restricted cash and full capacity under its $5 billion line of credit. As of March 31, 2025, the net debt to adjusted EBITDA was 3.33X, improving from 4.03X year over year. Moreover, Welltower's debt maturities are well-laddered, with a weighted average maturity of 5.8 years, thereby enhancing its financial flexibility. With the above-mentioned factors, we believe the rising trend in the stock is expected to continue in the near term. A competitive landscape in the senior housing market and tenant concentration in its triple-net portfolio are likely to weigh on Welltower. Some better-ranked stocks from the broader REIT sector are VICI Properties VICI and Medical Properties Trust MPW, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. The Zacks Consensus Estimate for VICI's 2025 FFO per share has moved one cent northward to $2.34 over the past two months. The Zacks Consensus Estimate for MPW's 2025 FFO per share has moved one cent northward to 57 cents over the past month. Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Medical Properties Trust, Inc. (MPW) : Free Stock Analysis Report Welltower Inc. (WELL) : Free Stock Analysis Report VICI Properties Inc. (VICI) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
News.com.au
3 hours ago
- Business
- News.com.au
Buyer's first step on property ladder offers chance to add value
A young buyer's nerves at bidding at auction soon passed after he secured a three-bedroom home on a sizeable Geelong West property. The 549sq m property at 8 Hodgson St, Geelong West, sold for $857,500 after two contested the three-bedroom weatherboard house. Jellis Craig Geelong agent Jeff Begg said the local first-home buyer had made a great step on to the property ladder. Who wins from Queens Park suburb swap 'His family put their hand in the air for him and got him across the line,' Mr Begg said. 'He was nervous but he really did well.' Mr Begg said the land size was a key attraction for buyers, along with the comfortably presented house that offered scope to add future value. 'The house presented neatly, but it needed a little bit of elbow grease to sharpen it up,' Mr Begg said. 'But nothing that was urgent and demanded to be done straight away. 'To find a home like that was in that nick on that land size, still with the Geelong West address, was a pretty good buy.' The underbidder was a buyer from Melbourne, Mr Begg said. A charming facade and a spacious and stylish interior offer the best of both words in a prime position. The ideal opportunity for families, downsizers or investors provides the benefits of updated spaces, such as the kitchen and living room and bathrooms, along with open-plan living and outdoor entertaining on the 549sq m property. Hodgson St is near the northern end of Pakington St. The location was close to West Oval and Geelong Golf Club, and close to schools such as Ashby and St Patricks's Primary Schools and Clonard College.
