Anglo's bid to recoup €140m takes new turn
Anglo Irish Bank's efforts to recoup some of the €140m it loaned for a UK shopping centre development has taken a new turn. Ciref, a partner in the Houndshill development in Blackpool has entered into negotiations about resuming a role in the project.
It told 'Property Week' magazine in the UK: "Discussions continue with KPMG, the administrator, in an attempt to acquire the Blackpool scheme in some form."
Some weeks ago, the magazine reported that another well-known UK property company, Land Securities, was one of a number of prospective buyers which had expressed an interest in managing and investing in the Houndshill project.
It was developed by a joint venture between troubled UK developer Modus and Ciref, which is an AIM-listed property investor of South African origin.
The KPMG administrator has already secured a deal on Trinity Walk, another joint venture shopping centre development between Modus and Ciref. KPMG sold it to a consortium of investment funds and the contractor on the development. Anglo had loaned €63m for the project before it went into administration.
Ciref said yesterday that it has bought one of its former shopping centres out of administration, the Grand Arcade Shopping Centre in Wigan, for which Aviva Commercial was the main lender.
Ciref has raised £36.8m of new equity and written off its investments in the Modus joint venture, including its interests in shopping centres and developments -- Trinity Walk in Wakefield, Houndshill and Friars Walk in Newport. It has also agreed a restructuring deal with Aviva Commercial Finance for four other shopping centres.
- Donal Buckley
Irish Independent
