Harcourt Development Group Sees €180.77m Profit on Shopping Centre Sale
Pat Doherty’s Harcourt Development Group enjoyed a bumper year in 2023, recording pre-tax profits of €180.77 million, driven primarily by the sale of its Irish shopping centre network.
Shopping Centre Sale Fuels Record Profits
New consolidated accounts filed by Marzocco UC reveal that the group realized a significant €174.15 million gain from the disposal of its six regional shopping centres and associated debt restructuring. This sale, completed in a reported €74 million deal to a fund managed by Davy Real Estate, marks a strategic shift for Harcourt Developments.
Despite the positive gain, group revenues dipped by 32% from €129.3 million in 2022 to €87.55 million in 2023, reflecting the exit from its retail property portfolio. However, the directors of Marzocco UC emphasize that the sale relieved the group of its primary lender’s security, with the exception of the Bahamas, enabling future financial flexibility.
Hotels Deliver Strong Performance
Beyond the notable transaction in the shopping centre sector, Harcourt’s hospitality arm also performed strongly. Marzocco UC operates five hotels across Ireland, the UK, Europe, the US, and the Caribbean.
“All our hotels benefited from a full year of trading without restrictions in 2023, with occupancy numbers and room rates returning to pre-pandemic levels,” the directors state in the accounts. The five-star Lough Eske Castle hotel in County Donegal and the Carlisle Bay in Antigua are among the group’s key assets.
The directors highlight a “strong year in terms of revenue and profitability” for the hotels, a trend that continues into 2024. They confirm plans for upgrades and expansions to meet the growing demand for luxury accommodations.
Citywest Residential Project Progresses
Harcourt Development Group’s ambitious Citywest residential scheme is progressing well, aiming to deliver approximately 1,250 homes. The first phases, Cuil Duin and Parklands Phase 1, with a combined 466 units, are already completed and sold. The directors report that most of Phase 2, comprising 296 units, is also complete and sold, with the remaining units expected to finish in the first quarter of 2025.
Looking ahead, Harcourt Development Group stands poised for continued growth, leveraging its core strengths in property development, hotel management, and strategic acquisitions.
Stay tuned for more updates on Harcourt Development Group’s ventures and achievements. Contact us today to learn more about our investment opportunities.