4 days ago
Cubic Telecom's Barry Napier buys Georgian pile in Dublin
C ubic Telecom's Barry Napier has got a bit of a taste for real estate. Napier turned his Cubic Telecom into a connected devices beast with 17 million cars or devices running on its software. It was this level of take-up that led to SoftBank buying a 51 per cent stake for €473 million almost two years ago, valuing the whole shebang at more than €900 million. Napier went off and splurged about €7.5 million on a truly epic seaside house in south Dublin.
Now I hear that a Victorian red-brick on one of Dublin 2's most venerable office streets has been added to the portfolio. The Herbert Street building is in offices. The most recent off-market transactions have seen neighbouring properties sell for between €1.5 million and €2.2 million. I'd imagine that Napier will put some money into the building and make a solid enough 7 per cent from it.
