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17/12/2007

Shelbourne In Stake Talks With RBS

Property investment company, Shelbourne Developments, is in discussions with the Royal Bank of Scotland to sell a 25 per cent stake of its company.

A valuation of the Dublin-based company has put its value at €800 million.

Shelbourne has major interests in Ireland and has recently acquired former Bank of America headquarters on the corner of Hume and St. Stephen’s Green in Dublin for just under €16 million.

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The company's assets include a three-acre site formerly Cable & Wireless in Tallaght in west Dublin. It also owns a 41-acre site in Leixlip in Co Kildarre and an infill site opposite Luas station in Ranelagh, Dublin 6.

Garrett Kelleher started the residential and commercial development company in 1987. Shelbourne currently has development projects in Ireland, continental Europe and the US

It is currently developing the tallest residential building in the world in Chicago. Known as the Chicago Spire, the building is due for completion in 2011.

(DS)

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