Willett, a US-based property company controlled by two Irishmen, has purchased a large shopping mall in Florida as part of a joint venture.
Willett is owned by former Lisney executive Mr Frank Kenny and Mr Christopher Bennett of Bennett Construction, which has extensive property interests in Dublin and elsewhere in the Republic.
Willett, along with the Radiant Group of New York, have paid $52 million (€47.7 million) for the Santa Rosa Mall in Pensacola, on the Gulf coast of Florida. Willett said the property would produce a return of 12.5 per cent per annum.
Willett has purchased four regional shopping malls in the US. The new mall is 730,000 sq ft and is within three miles of Eglin Air Force Base, the largest air force base in the US.
On the future strategy for Willett, Mr Kenny said: "It is our intention to continue to look for similar opportunities in geographic locations around the US that have potential for long-term growth. Our investors have enjoyed solid double-digit annual cash-on-cash returns for the last five years."
One of the biggest purchases for Willett was it's $205 million acquisition of a mixed portfolio of 11 properties in a joint venture with Radiant.
Willett specialises in acquiring what it calls "B properties", which often contain a large number of tenants and need upgrading. Most of the properties are held for the medium to long term and Willett said appreciation comes via "hands-on management" and refurbishment.
Mr Bruce Beswick, Willett's chief financial officer, said most of the investment in the firm came from Irish and US "high-net-worth individuals".
Speaking about the company's future, Mr Beswick said it would only look for properties that could deliver cash returns of 10 per cent on an annual basis.
"Willett is currently negotiating the acquisition of a large office complex in the US and hopes to complete this transaction by the end of the year," he said.
Mr Kenny is a chartered surveyor who left for the US in the early 1980s, first working for Durkan Brothers but eventually specialising in large office and retails properties.
Mr Bennett, from Co Westmeath, is believed to own properties in the IFSC and the Dawson Street area.
According to accounts to March 2002, lodged with the Companies Office, Bennett Construction had a turnover of €87.6 million and pre-tax profits of €2.2 million. The firm employed 167 people. According to the accounts, there were eight directors and their total emoluments came to €2.2 million.
Mr Bennett is also involved in Christopher Bennett & Son (Construction) Ltd. This civil engineering and general construction business produced a pre-tax profit of €261,404 in the year to March 2002.
