Japanese group Sumitomo has sold its 30% stake in property company Balmoral International Land Holdings, an investment it inherited last year as part of its takeover of Fyffes.
A spokesman for Balmoral confirmed to The Irish Times that a vehicle linked to the company’s chairman, Carl McCann and his brother, David, has acquired the stake.
The movement was also helped as the company reduce its gross borrowings during the year, according to its latest set of public accounts for Balmoral, reports the Irish Times.
Carl McCann, chairman, says in the report: “Brexit remains a significant concern with scenarios ranging from a neutral impact to a potentially material negative.”
“While Balmoral recorded significant growth in its net asset position in 2016 and 2017, it is not anticipating any material increase in the value of its properties during 2018, with a likely modest increase in Ireland expected to be offset by a probably decline in the UK,” McCann added.
“Brexit remains a significant concern with scenarios ranging from a neutral impact to a potentially material negative.”
Acquisition of Fyffes
Sumitomo Corporations's acquisition of Fyffes was finalised last year on 16 February.
The deal, which was reportedly worth an estimated €751 million, at the time saw Fyffes become a wholly-owned subsidiary of the Japanese leading trading company.
The Irish based banana and fruit distribution company was made an offer by Sumitomo December in 2017.
© 2018 Checkout – your source for the latest Irish retail news. Article by Donna Ahern. Click subscribe to sign up for the Checkout print edition.