Veteran property investor Donal Mulcahy received a multimillion euro payout last year, new financial filings have shown.Mulcahy has worked in the property sector for several decades and managed funds that controlled billions of euro of property while working for Friends First and Ardstone.New financial filings have shown the co-founder of Ardstone earned a near €6.6 million dividend from Baileeaglaise Limited in 2025. The company, which was formed in 2018, has been used by Mulcahy to hold his stake in Ardstone.It recorded a €1.6 million tax bill among debts owed and almost €2 million of cash on its balance sheet. It was still sitting on accumulated profits of €197,000 following the dividend payment.Mulcahy has been listed as the only shareholder of Baileeaglaise Limited. The dividend payment has come after he retired from Ardstone in 2023 and left the business. Mulcahy did not respond to a request for comment.Mulcahy cofounded Cornerstone Capital Management, now called Ardstone, with Donal O’Neill in 2005. Trained accountant Mulcahy joined Friends First in 1987 and became head of group development at the company. He managed several property funds on behalf of Friends First that invested hundreds of millions of euro into British property. Following the establishment of his company with O’Neill, Mulcahy was involved in an array of commercial property deals in Europe, which included office deals in London and Düsseldorf and commercial projects in Spain.The company also cut a number of property deals in the aftermath of the global financial crisis, buying portfolios from the National Asset Management Agency (Nama) and other large investment funds.Mulcahy was with the company as it shifted its focus towards the Irish housing market in the past decade. When he retired, Ardstone controlled close to €2.5 billion of assets, but the firm has expanded its footprint since to control 3,000 homes in Ireland.Last year, it agreed a €79 million deal to buy 180 new-build rental units in a complex called Birchwood Court in Santry. In August 2025, it also closed a deal to buy a 360-apartment build-to-rent development in Dublin’s North Docklands called Spencer Place.In 2025, Ardstone also announced it had purchased large-scale residentially zoned land in Dublin, capable of delivering 1,400 homes, for about €25 million. At the time, the group said it hoped to begin construction on the eight-hectare site in 2027.