Thu Sep 19 05:47:09 UTC 2024: ## Irish Business News Roundup: Cheyne Takes Control of Press Up, Housing Prices Soar, and Apple Tax Saga Continues

**Dublin, Ireland -** The Irish business landscape is experiencing a mixed bag of news this week, with positive developments juxtaposed against concerns about rising costs and economic uncertainty.

**Cheyne Capital Takes Control of Press Up Hospitality:** London-based lender Cheyne Capital has formally taken control of Press Up Hospitality Group, the company behind popular Dublin eateries like The Dean and The Clarence, in a deal worth an estimated €20 million. The investment, made through a debt-for-equity swap, is expected to inject fresh capital into the business founded by Paddy McKillen jnr and Matt Ryan.

**Housing Market Heats Up:** The Irish housing market continues to experience a surge in prices, with the rate of inflation reaching nearly 10% in July. The average price paid for a home in the past year is now €409,465, up €31,563 from the previous year.

**Concerns Over Nama Land Development:** A senior Department of Finance official has expressed doubt about the development potential of land owned by remaining National Asset Management Agency (Nama) debtors, suggesting that approximately half of the estimated 12,000 homes that could be built on these properties may not be realized in the medium term.

**Inflationary Pressures Rise:** The Irish Fiscal Advisory Council has warned that prices for goods and services in the Irish economy are rising at a level not seen since the Celtic Tiger era. The watchdog also expressed concern about the government’s spending, which is projected to exceed its self-imposed 5% limit.

**Apple Tax Saga Continues:** The Apple tax saga remains a hot topic in Ireland, with opinions divided on the implications of the tech giant’s settlement. Karlin Lillington argues that the saga, while serious, has become a “farcical” situation, highlighting the irony of Ireland receiving a potential €14 billion from Apple.

**Other Business Highlights:**

* Dublin Airport is facing potential limitations on night-time flights due to a draft decision from An Bord Pleanála, with implications for passengers and airlines.
* Moran Hospitality has opened a new venue at the former Chophouse location in Dublin 4.
* Luminate, a University of Galway spin-out, has raised $15 million to expand its workforce and develop new products.
* Hines, a property investor, has purchased a 298-bed student accommodation block near the Royal College of Surgeons.

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