Mulryan agrees five-year deal with NAMA on sale of non-Irish assets
Sean Mulryan, Ireland's largest developer, has agreed a five-year disposal programme with NAMA over his non-Irish assets that are held in a company called Markland.
The company has debts of €400m and €394m of this has transferred to NAMA.
Among the assets the company owns are 47 Citibank branches in the New York area, a shopping centre in Surrey, England, and extensive property holdings in the Czech Republic and Hungary.
The group had losses of €32.2m in 2009 after it took impairment charges. Further losses are expected as the firm refurbishes its largest property asset.
The loans to fund its developments came from Anglo Irish Bank and Bank of Ireland.
These bank loans come up for renewal in March 2012 and April 2013, which will now be a decision made by NAMA. As a result, Markland has submitted a business plan.
"Based on the business plan, the directors believe that NAMA will continue to support the group,'' state the accounts.
The disposal of a number of assets over a five-year period will ensure debt reductions, the accounts said.
The company is breaching some banking covenants in terms of loan-to-value rules, but the principal and the interest continue to be paid off, the accounts for 2009 reveal.
The company had three directors during the period and they were paid €840,043 in the period.
Accounts show the overall paybill at the firm was €1.8m.
Meanwhile, property investor Paddy McKillen now has less than €1bn of loans that can be targeted for transfer to Nama, the Irish Independent has learned.
The news comes three weeks after the courts ruled that Nama would have to give Mr McKillen a "fair hearing" if the state loans agency proposes to take over the investor's debts.
Mr McKillen has accelerated his loan repayments in a bid to prevent Nama from arguing that his debts, which once totalled €2.1bn, are a "systemic threat" to the banks.
Sources yesterday said that Mr McKillen has paid back an extra €75m of capital so far this year and has also made €95m in interest repayments.
The investor's loans relating to the Marybourne Hotel Group in London have also been sold by Irish banks to a Malaysian sovereign wealth fund, taking them out of Nama's reach.
The extra repayments coupled with the sale of the Marybourne loans mean that Mr McKillen's debts with Irish banks are now "well under" the €1bn mark, sources said.