IRFU scoop €27m from lucrative Dublin land deal
The IRFU has landed a massive cash windfall with the sale of a track of prime land at Newland's Cross in Dublin.
The union are set to bag €27 million in the deal, which sees them sell off a parcel of land it purchased for development over two decades ago.
In a statement Monday the IRFU confirmed it is the vendor of a c. 92 acre site at Newlands, Co Dublin to Hibernia REIT plc for a sum of €27 million.
IRFU chief Philip Browne said: “The IRFU regards the delivery of a sustainable, long-term additional income stream for investment in the domestic game, for the benefit of clubs and schools, as one of its key priorities.
The sale of the lands at Newlands, acquired by the IRFU between 1994 and 1996, has been identified for some time as imperative to delivering on this objective.
“It will now allow the Union the opportunity to progress investment options which will, in addition to securing a new realisable asset, produce an additional, long-term income stream to support further development of the domestic grassroots game on this island, in the decades to come.
“It is also envisaged that a portion of the proceeds will be provided for new club and playing facilities development programmes.”
