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Wednesday 1 October 2014

Deutsche Bank agress to buy Conlan loans from NAMA

Peter FlanaganC

Published 26/07/2014 | 02:30

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Gerry Conlan was behind the Millennium Park in Naas
Gerry Conlan was behind the Millennium Park in Naas

DEUTSCHE Bank has agreed to buy loans tied to developer Gerry Conlan from NAMA.

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The loans, which had a face value of more than €400m, are thought to have been sold at a substantial discount.

Mr Conlan was one of Ireland's big property developers during the boom.

His empire included the private hospitals, Mount Carmel in Dublin, St Joseph's in Sligo and Aut Even in Kilkenny. He was also behind the Millennium Park development in Naas, Co Kildare, which he sold in 2006.

In 2012, however, the Commercial Court heard Mr Conlan had loans totalling €313m from AIB and that he now "has no money". He gave the bank a €127.5m personal guarantee against the loans.

The group of assets linked to Mr Conlan, known as Project Spring, do not include the Mount Carmel hospital in Dublin.

He is perhaps best known however as one of the "Maple 10" who were asked by Anglo Irish Bank to buy shares in the bank held by Sean Quinn.

The loans are the latest to be sold off as NAMA divests much of its assets to take advantage of the commercial property boom here. (Additional reporting Bloomberg)

Irish Independent

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