A company owned by the waste management mogul-turned-property magnate Eamon Waters has been paid almost €10million to house asylum seekers in the space of just six months.
Newly released figures show Vista Bay Unlimited Company is among the best-paid private providers of accommodation for International Protection Accommodation Service (IPAS) applicants.
It was paid just shy of €5million in the first three months of 2026 by the Department of Justice, who are responsible for sourcing accommodation for asylum seekers and refugees.
Vista Bay is almost entirely owned by the ‘bin baron billionaire’ Mr Waters, who sold his Panda Waste business in 2021 for €1.4billion, before shifting his focus to buying up properties – for tens of millions of euro in some cases – in Dublin and beyond.
First-quarter payments to Vista Bay almost matched the €4.5million received in the final quarter of last year, when a lucrative State contract began.
The contract relates to an IPAS centre at the three-storey Merrion House in Dublin 4, formerly the home of Jacobs Engineering.
Mr Waters – who has been hoovering up hotels, office blocks and retail centres since selling his waste company – bought the property in 2024 through a vehicle called Capital Scene Unlimited.
The contract relates to an IPAS centre at the three-storey Merrion House in Dublin 4, formerly the home of Jacobs Engineering.
Vista Bay Unlimited Company is entirely owned by a holding company called Vista Bay Hold Co Unlimited Company, in turn owned by Sretaw Unlimited Company.
The latter is more than 98 per cent owned by Mr Waters, while his son Robert Waters, a co‑director and secretary of Vista Bay, has an almost one per cent share in the company.
The low-key property tycoon set up Panda with his brother in 1990, steadily turning it into the biggest waste management company in the country over three decades.
Its later-established parent firm Beauparc Utilities had acquired over two dozen smaller waste companies, including Greenstar, before selling to an Australian investment firm in 2021.
Meath native Mr Waters is currently listed as director of more than 30 companies, almost all incorporated after that sale.
Meath native Mr Waters is currently listed as director of more than 30 companies, almost all incorporated after the sale of his Panda Waste business for €1.4bn
He is director of nine separate unlimited companies containing the word ‘Sretaw’ – Waters backwards – in the title. And he has invested heavily in sectors including energy, aviation and leisure.
A small sample of the Dublin properties acquired by his companies in the past five years includes: the Royal Hibernian Way retail buildings at Dawson Street (€74million); Victoria’s Secret at Grafton Street and Tesco at Lower Baggot Street (a combined €40million); The Chancery Building in Dublin 8 (around €14million); and The Grafton Hotel near St Stephen’s Green, for which he recently acquired planning permission for a 71-bed extension.
The €4,982,220 paid to Vista Bay in the first three months of this year makes it the 11th-highest-paid company in the period.
That was out of 472 companies paid €20,000 or more to provide accommodation for asylum seekers and/ or Ukrainian refugees, totalling over €300.5million.
472 companies were paid €20,000 or more to provide accommodation for asylum seekers and/ or Ukrainian refugees, totalling over €300.5million in Quarter 1 2026
The Department of Justice only publishes details of payments of €20,000 or more, meaning the true number is likely higher.
The highest-paid company was Cape Wrath Hotel Unlimited Company, which operates the Citywest reception centre in Dublin, paid over €11million in Q1 of 2026. It received over €42million last year.
The former hotel was bought by the Government for around €147million last summer but is still operated by its former owner.
Mosney Unlimited Company, which runs an IPAS centre on the site of the former holiday camp in Co. Meath, was paid over €9.7million in the Q1 period.
And Bridgestock Care Limited, the third-highest-paid, got more than €8.5million for operating properties across counties Clare, Donegal, Mayo, Offaly and Sligo.
The €300.5million paid in the first three months of 2026 is a considerable drop in spending compared to the same period last year.
Between January and March of 2025, the Government paid private companies more than €404million for asylum seeker and refugee accommodation.
In Q1 of 2024, it was even more, at just short of €430million.
Justice Minister Jim O’Callaghan has consistently promised to drastically reduce the reliance on private providers.
Justice Minister Jim O’Callaghan has consistently promised to drastically reduce the reliance on private providers, with the amount of money spent on accommodation helping to fuel protests
The Irish Mail on Sunday has previously reported on how many of the highest-paid companies are owned by a succession of holding companies ultimately based in tax havens such as the Isle of Man.
COMPANY NAMEQ1 2026 TOTAL
1 CAPE WRATH HOTEL UNLIMITED COMPANY€11,165,033.22
2 MOSNEY UNLIMITED COMPANY €9,769,472.79
3 BRIDGESTOCK CARE LIMITED €8,518,209.61
4 HOLIDAY INN DUBLIN AIRPORT SKYLINE VIEW LTD €8,462,020.18
5 GUESTFORD LTD €7,753,425.27
6 ALLPRO SECURITY SERVICES IRELAND LTD €6,632,778.15
7 KINTRONA LTD €6,126,760.00
8 TIRAWLEY LTD €6,084,000.00
9 SMORGS ROI MANAGEMENT LIMITED €5,267,416.78
10 MILLSTREET EQUESTRIAN SERVICES €5,074,585.86
11 VISTA BAY UNLIMITED COMPANY €4,982,220.00
12 BRAVA CAPITAL LTD €3,812,952.00
13 GATEWAY INTEGRATION UNLIMITED COMPANY €3,782,500.00
14 DIDEAN DOCHAS EIREANN TEORANTA T/A DIDEAN €3,411,880.00
15 TIFCO LTD €3,184,709.36
TOP 15 TOTAL:€94,027,963.22