Gresham House acquires manager of properties once owned by Treasury Holdings

UK-listed property manager, Gresham House, has bought Burlington Real Estate, the Irish property company that manages properties formerly controlled by Treasury Holdings, for 1.8 million euro.

The deal is Gresham’s second acquisition in Ireland after it bought Appian Asset Management last year and nearly doubled the company’s assets under management to 750 million euros.

The transaction also reinforces a five-year strategic partnership between Burlington and Appian – now Gresham House Ireland – under which Burlington serves as an investment advisor to Appian Burlington Asset Fund, which invests in Commercial properties in Dublin are larger.

Under the terms of the deal, the Burlington team, which includes founders John Bruder and Niall Kavanagh, will join Gresham House’s broader real estate operations in Ireland.

The company said there would be no changes to Burlington’s current operations, including management of outstanding properties in Dublin including the Central Park office complex in Leopardstown, the newly renovated Frascati Centre. Recently refurbished at Blackrock and Bank of Ireland headquarters.

As part of the deal, Burlington sellers will also become registered share holders in Gresham House.

Mr. Bruder and Kavanagh founded Burlington Real Estate in 2012 from the ruins of Treasury Holdings, the giant real estate conglomerate built by Johnny Ronan and Richard Barret and incorporated into the property by Nama in 2011, with number debt of about 1 billion euros.

Mr. Bruder is the chief executive officer of the Treasury while Mr. Kavanagh is the chief asset officer of the company.

The pair are said to have discovered the floating Burlington in 2014 as a real estate investment trust (REIT) alongside Hibernia REIT and Green REIT.

As an alternative asset manager, Gresham House offers a wide range of funds, targeted investments and tailored opportunities beyond the usual asset portfolios of stocks, bonds and cash.

Typical alternative assets might include private equity, venture capital, hedge funds, commodities, and assets.

“Having worked closely with John and the team at Burlington Real Estate for over five years as advisors to our wealth fund, we find a strong cultural fit with Gresham House Group and its ambitions. we are in Ireland,” said Patrick Lawless, managing director of Gresham House Ireland.