Noel Smyth’s Alburn Investments is to buy the Odyssey Pavilion near Titanic Quarter in Belfast
The Dublin-based investor, best known for his acrimonious split from Dunloe Ewart in 2002, is in exclusive talks to buy the 200,000 sq ft scheme, which includes the Pavilion arena, an IMAX cinema, and the Tannery Building on Kings Street from the Sheridan Group.
Sheridan’s chairman Peter Curistan confirmed that it has signed an exclusivity agreement with Alburn but did not disclose the price. However, sources said it was between £105m and £110m.
Sheridan will continue to hold its operational units in the Pavilion and will continue its joint venture arrangement with SMG, which manages the Odyssey Arena on behalf of the Odyssey Trust.
The deal should be completed by the end of June.
Peter Curistan, Sheridan chairman, said the seven-year-old scheme was fully let and was an attractive investment opportunity. He said it had received several offers from interested investors over the last 12 months.
‘Sheridan’s core strength lies in development,' said Curistan. 'Once a scheme is completed there is a time to move it on to others, and to re-focus on new schemes. The deal will release major equity which we plan to make available for investment in further schemes in Belfast.
'These could include the Belfast Stadium project at Ormeau Park, for which we have been shortlisted.’