Chinese puzzle behind a Dublin property sell-off

In March 2020 Colm Wu pulled off what appeared to be a transformational deal.

The Chinese businessman agreed to buy the Dublin One Collection, a number of buildings in the block next to Clerys department store, running south down Connell Street and around the corner to Lower Abbey Street. The vendor was D2 Private, the investment company headed by Deirdre Foley, who months previously had sold her interest in Clerys to Europa, a real estate fund.

Wu is said to have paid a little over €13 million for the portfolio. He already owned three buildings on nearby Middle Abbey Street, a building on Talbot Street and a hotel on Eden Quay overlooking the Liffey.

His empire stretched well beyond Dublin 1, however. It consisted of