Tuesday 27 June 2017

Anglo moves on Mulryan-owned Lidl site

Emmet Oliver Deputy Business Editor

Nationalised lender Anglo Irish Bank has moved to assume the benefits from the sale of a site by developer Sean Mulryan in Baldoyle, Dublin.

Mr Mulryan's residential company Helsingor is building a large residential development at the former racecourse lands in Baldoyle and has a contract with Lidl for a supermarket site, according to filings. Permission has been given for 440 houses in the development.

Anglo Irish has been given "the benefit of a contract" according to the filing made in recent days to the Irish Companies Registration Office. The value of the site or the contract with Lidl Ireland is not revealed.

Anglo has taken a charge on the contract between Helsingor and Lidl, which means that no other mortgage or charge or lien can be placed on the contract without the bank's permission.

Assets

Mr Mulryan is the largest developer operating in Ireland, although a large amount of his assets are based in the UK and central Europe. His companies have borrowed large sums -- mainly from Anglo Irish Bank, but also from Irish Nationwide.

The Irish Independent recently reported that Anglo had taken a charge against a stake owned by Mr Mulryan's Ballymore Ireland Group in a new Isle of Man-based entity linked to investment vehicle Davy Hickey Properties (DHP).

The charge against the 8,179 shares in DHP (IOM) was registered in recent weeks, according to documents filed in the Isle of Man.

DHP (IOM) was only established last November. The company's memorandum of association shows that a maximum of 200,000 shares can be issued by the firm.

Mr Hickey, a well-known, Dublin-based property developer, is one of the primary shareholders of Andrasta, which was previously known as Davy Hickey Properties. Andrasta was placed into voluntary liquidation last August.

Irish Independent

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