Paddy McKillen jnr, a big name in Ireland’s real estate game, has hit a rough patch as receivers from Relm Finance have swooped in on nearly a dozen of his prized assets, worth close to €60 million, according to the Business Post.
The haul includes some standout properties snapped up in recent years—like the former Topshop store on Dublin’s St Stephen’s Green, now a swanky Grafter office space—nabbed with millions in loans from Relm, a lender backed by US giant Avenue Capital since its 2017 launch by ex-AIB man Paul Dowling.
The net’s cast wide, pulling in commercial gems tied to McKillen jnr’s firms, though the businesses renting them—like Eclective’s Vintage Cocktail Club in Temple Bar—keep ticking over unaffected.
Pubs are in the mix too, with Ashton’s in Clonskeagh, The Foxhunter in Lucan, and Star Bar on Baggot Street (once Larry Murphy’s) now under receivership.
“In 2021, it backed McKillen jnr to buy the pub formerly known as Larry Murphy’s on Baggot Street, which was rebranded as Thomas Rody Maher’s and then Star Bar, for a reported €1.7 million,” insiders recall, spotlighting Relm’s role.
Other catches include 17 Fitzwilliam Place, 6 Lower Mount Street, a Coolock industrial unit, the old Lamb Doyle’s site in Sandyford, and 41 Leeson Street Lower—another Grafter haunt.
Relm stayed tight-lipped when prodded, and McKillen jnr’s camp wasn’t chatting either.
This shake-up follows a busy spell—last year, his Oakmount Group, co-run with Matt Ryan, dangled Ashton’s, The Foxhunter, and Thomas Rody Maher’s on the market for €13.5 million.
Meanwhile, KPMG nabbed four Press Up firms, including Elephant & Castle and Wowburger outfits, before Cheyne Capital’s debt-for-equity swoop.
“In the months leading up to these receiverships, McKillen jnr and Ryan finalised the €335 million deal to sell The Dean Hotel Group to Lifestyle Hospitality Capital, a British property firm, and Elliott Investment Management, which was founded by billionaire Paul Singer,” sources note, hinting at a cash-out before the storm.