Swords Business Campus is a 28,000 m² suburban office complex with expansion lands located in North County Dublin. Allied Irish Bank enforced developer loans secured over a 50% interest in the Campus and appointed receivers. The other shareholders are IPUT plc and Irish Life (Great-West Lifeco).
The complex has been managed over the past 2 years in association with the shareholders. By maintaining existing tenancies in a difficult trading environment and by attracting new tenants, occupancy levels have been increased from 50% to c. 75%. This involved a comprehensive overhaul of the campus including: management regime; agency and marketing strategy; services infrastructure; lease restructuring and new lettings; the preparation of scheme and planning application for enhanced parking and landscape; and preparation of scheme of refurbishment of 2,000 m² offices.
Duff & Phelps' Role
Duff & Phelps acted as property asset managers and advisors to the Receiver and AIB throughout.
About Allied Irish Banks
Allied Irish Banks (AIB) is one of the "Big Four" commercial banks in Ireland. AIB offers a full range of personal and corporate banking services. In December 2010 the Irish government took a majority stake in the bank, which has since grown to 99.8%. AIB also owns Allied Irish Bank (GB) in the Britain and First Trust Bank in Northern Ireland.