New €80m joint venture to finance One Opera Square in Limerick

Limerick Twenty Thirty (LTT) has formed a joint venture partnership with Ireland Strategic Investment Fund (ISIF), part of the National Treasury Management Agency (NTMA) to finance the development of the One Opera Square project in Limerick city centre.

Holmes advised LTT on the €80 million joint venture, which represents the largest direct commitment by ISIF to date under its €500m investment programme for Cork, Galway, Kilkenny, Limerick and Waterford.

The joint venture partnership was announced last week at the first flagship project developed by LTT, the multi-award-winning Gardens International in the heart of Limerick.

One Opera Square will be developed over six flexible-use floors located at the corner of Michael Street and Ellen Street, Limerick. It provides for circa 10,000 sqm of Grade A office space and can accommodate several tenancies per floor and up to 1,000 employees in the building.

The development will also offer restaurant and retail units at ground level with an external seating area in the public square, external landscaped roof terraces and world-class cycle facilities for employees.

The Holmes team advising LTT was led by partners Sandra Egan and Lisa Killeen with of counsel Caroline Connolly, supported by colleagues across the commercial real estate, banking and finance, corporate and construction teams.

Western Automation Research and Development acquired by Littelfuse

Galway-headquartered Western Automation Research and Development has been acquired by Littelfuse, a global industrial technology manufacturing company.

RDJ LLP advised Western Automation Research and Development on the acquisition.

Founded in 1984, Western Automation Research and Development is a designer and manufacturer of electrical shock protection devices used across a broad range of high-growth end markets, including e-Mobility off-board charging infrastructure, industrial safety and renewables. The company is headquartered in Galway, Ireland, with operations in the UK, Spain and USA.

Headquartered in Chicago, Illinois, Littelfuse, Inc. is a global leader in circuit protection products. Across more than 15 countries, it serves over 100,000 end customers with products found in a variety of industrial, transportation, and electronics end markets.

The RDJ transaction team included JP Gilmartin, Conor Moran, April Byrne and Mark Costello in the corporate and commercial team; tax lawyer Mark Ludlow; employment lawyer Sinead Morgan; and real estate lawyer Peter McGarvey.

Connexicon acquired by Advanced Medical Solutions Group

Dublin-based Connexicon has been acquired by Cheshire-based Advanced Medical Solutions Group plc (AMS).

Philip Lee advised AMS on the transaction.

AMS, an AIM-listed company, is a world-leading specialist in the design, development, manufacture and distribution of novel, high performance tissue-healing technologies.

Connexicon specialises in the manufacture of tissue adhesives and sealants for topical and internal applications.

The acquisition will further strengthen AMS’s position in the global tissue adhesive market, adding Connexicon’s product portfolio, expertise and R&D capabilities to the Group’s established commercial partnerships, regulatory experience and manufacturing infrastructure.

The Philip Lee team advising AMS comprised Inez Cullen, Jonathan Kelly and Daniel Ryan.

Fine Grain acquires Waterside at Citywest Business Campus

Irish-owned commercial real estate investor and operator Fine Grain has acquired Waterside at Citywest Business Campus from IPUT Real Estate Dublin and Davy Waterside Investment Fund ICAV.

Dillon Eustace advised Fine Grain on the transaction.

Waterside is a 15-acre campus comprising c. 219,281 sq ft across five modern office buildings and brings the total floorspace in Fine Grain’s portfolio to 1.2 million sq ft.

The Dillon Eustace team was led by Martin Colman, partner and head of real estate, and John Hugh Colleran, banking and capital markets partner.

The team also included real estate senior associate Nessa Ryan and solicitor Amy Murphy, and Anna Keohane, senior associate in banking and capital markets.