NAMA poised to take over part of Agar's real estate empire
Published 02/02/2012 | 05:00
The National Asset Management Agency (NAMA) was last night poised to take control of parts of Dublin developer David Agar's real estate empire.
Sources say the State's toxic debt agency is set to put receivers in to take control of some of the developer's assets within days.
Mr Agar emerged as a major property player during the boom, both as a commercial real estate agent and as a developer.
His best-known developments include the €340m Beacon Court scheme in south Dublin. He was also behind the €1bn Profile Park industrial estate in south Dublin that is home to Google's €75m state-of-the-art data centre.
Both NAMA and Mr Agar declined to comment on the situation last night, but people close to both the bad bank and the borrower said a receivership could happen within days.
NAMA is understood to own loans to Mr Agar-linked companies that are secured by mortgages on a development land bank. One source close to the borrower said the loans were not backed by personal guarantees.
The news comes as NAMA is in the final stages of selling two loan portfolios "worth" €800m.
Last October, NAMA hired UK property consultancy Savills to sell €200m of loans made to developer Donal Mulryan. At the same time, CBRE was hired to sell €600m of property loans made to UK developer Cyril Dennis.
Both loan portfolios were backed by so-called "brownfield" development sites, development property that was previously used for industry such as dockyards and factories. NAMA is understood to be at the "final bidder" stage on both sales.
Reports in the UK specialist press say the loans will be sold at discounts of between two-thirds and 70pc of face value.
US bank Morgan Stanley's real estate arm is the preferred bidder for the Donal Mulryan loans. Mr Mulryan is the brother of Sean Mulryan, boss of the huge Ballymore property empire.
Orion Capital is understood to be lined up to buy the bigger of the two portfolios.
NAMA declined to comment.