Developer O'Reilly tells NAMA he will sell assets
THE property developer Jerry O'Reilly, known for holding stakes in the Shelbourne Hotel and Radisson Blu in Galway, has pledged to sell the assets in his main company as part of an agreement with NAMA.
The sale of the assets will take time and Mr O'Reilly's firm will manage and maintain the portfolio in the meantime. It is not known what assets will be sold, or whether his interest in the Shelbourne would be looked at. The backers of the Shelbourne were reported recently to be in talks with lenders to the five-star hotel.
Mr O'Reilly is known for several deals involving fellow developer Bernard McNamara undertaken in the latter years of the boom. Mr O'Reilly's main company, Jeremiah O'Reilly & Associates, is sitting on accummulated losses of €40.1m and has four subsidiaries, mainly involved in property and hotels.
Accounts for Jeremiah O'Reilly & Associates state: "The company's current loan facility letters have expired and its debts were transferred to NAMA in 2010. The ultimate disposal of the company's property assets has been included within an overall NAMA plan."
Mr O'Reilly submitted the plan to NAMA himself and his auditors state that it will take time for the plan to be assessed and implemented.
The balance sheet of the company shows it owes various creditors €43.5m and has negative shareholders' funds to the tune of €40.1m.