Business Irish

Tuesday 27 June 2017

McEvaddys in talks to buy out Gannon's share of Dublin site

Ulick McEvaddy. Photo: Tony Gavin
Ulick McEvaddy. Photo: Tony Gavin
Laura Noonan

Laura Noonan

AVIATION tycoons Ulick and Des McEvaddy are in advanced negotiations to buy out Gerry Gannon's stake in the trio's 150-acre north Dublin landbank, the Irish Independent has learned.

The McEvaddy brothers and property developer Mr Gannon have been long-time co-investors, working together on a variety of projects including a major residential play at the Malahide Marina.

The Dublin landbank is their biggest joint holding, and includes the tract of land earmarked for the McEvaddys' "third terminal" to serve Dublin Airport.

Ulick McEvaddy last night declined to comment on the moves. Asked about the prospective deal, Mr Gannon said: "I don't talk to journalists".

It is understood, however, that the McEvaddys and Mr Gannon have been in talks on the buyout for weeks, with an outcome likely before the end of August.

Mr Gannon, who had an estimated net worth of €180m at the peak of the boom, owns about 25pc of the north Co Dublin landbank and has a host of other property interests.

Much of Mr Gannon's debt has already been transferred into Nama. The status of the debt on the 150-acre landbank is unclear and Nama has been asked for clarification.

In accounts to one of their landholding companies, Ollimar Properties, Mr McEvaddy and Mr Gannon noted that the debt held by that company had passed over to Nama.

"The principal risks for the business are the macro-economic conditions which have continued to deteriorate since the year end and the availability of financing from Nama to complete projects,'' the accounts state.

Best known for his membership of Anglo's controversial "golden circle", Mr Gannon is among a group of high-flying developers who has to submit business plans to Nama.

Irish Independent

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